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Employee Reward Structures 6th ed

Jackie Anderson

ISBN13: 9781910151389

Previous Edition ISBN: 9781907444807

Published: July 2017

Publisher: Spiramus Press Ltd

Country of Publication: UK

Format: Paperback & CD-ROM

Price: £125.00

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This is a comprehensive guide to the tax treatment of executive reward packages, from recruitment to termination. Includes a comprehensive glossary of terms, checklists and flowcharts.

The sixth edition contains analysis of: the following changes:

Taxation of pensions contributions, cap on tax relief for contributions, additional rate relief restriction, alignment of pension input periods, reduction in lifetime allowance, freedom to draw down lump sums
Termination payments Significant proposed changes in treatment
Employee Benefit Trusts: Important case law developments (Murray Group Holdings)
Employee Shareholder Shares: Changes to the relief and proposal to end agreements
Employee Share Plans: Streamlining and Self-certification
Benefits in kind: Removal of ‘lower-paid employee’ status

Includes complete work on CD-ROM (with cross-references and website resources hyperlinked) with the printed book.

Subjects:: Company Law, Taxation

Contents:: Acknowledgements; Contents; List of abbreviations; 1. Cash Bonus Plans, “Golden Hellos” and Phantom Shares; 1.1 Cash Bonus Plans; 1.2 Golden Hellos; 1.3 Phantom Share Plans; 2. Non-Cash Benefits; 2.1 Taxation of Benefits: General Rules; 2.2 Flexible Benefits; 2.3 Exempt Employee Shareholder Shares; 2.4 Incentive Award Schemes; 2.5 Cars; 2.6 Healthcare and Medical Benefits; 2.7 Life Assurance; 2.8 Childcare Vouchers; 2.9 Workplace Nurseries; 2.10 Nurseries outside the Workplace; 2.11 Workplace Meals; 2.12 Mobile Telephones; 2.13 Vouchers; 2.14 Pensions; 2.15 Job-related Accommodation; 2.16 Accommodation that is Not Job-Related; 2.17 Recreational Facilities; 3. Registered Pension Schemes; 3.1 Introduction; 3.2 Description; 3.3 Disclosure; 3.4 Regulatory Treatment; 3.5 Tax Treatment of Member; 3.6 Summary of Benefits Payable from Registered Money Purchase Pension Schemes; 3.7 Tax Treatment of Trustee/Scheme Administrator; 3.8 Tax Treatment of Employer; 4. Employer-Financed Retirement Benefits Schemes; 4.1 Description; 4.2 Regulatory Treatment:; 4.3 Tax Treatment of Member:; 4.4 Tax Treatment of Trustee/Scheme Administrator; 4.5 Tax Treatment of Employer:; 5. Employee Benefit Trusts and Disguised Remuneration; 5.1 Uses of Employee Benefit Trusts; 5.2 Taxation of a Beneficiary; 5.3 Taxation of Company; 5.4 Capital Gains Tax; 5.5 Collection of NIC; 5.6 Taxation of Individual Settlor; 5.7 Taxation of the EBT Trustee; 5.8 Company Law; 6. Unapproved Option Plans; 6.1 Description; 6.2 Key Features of Share Options; 6.3 Company Law Issues; 6.4 Designing a Share Option Plan and Drafting the Rules; 6.5 Sources of Shares; 6.6 Accounting Treatment; 6.7 Summary of Advantages and Disadvantages of Share Options; 6.8 Taxation of Options; 6.9 Assignment or Release of Securities option; 6.10 Frequently Asked Questions on Unapproved Share Options; 7. Tax-Favoured Share Plans: General; 7.1 Overview; 7.2 Requirements common to SIP, SAYE and CSOP; 7.3 Requirement common to SIP and SAYE: No Discouraging Features; 7.4 Requirements common to SAYE and CSOP; 7.5 Requirement common to EMI, SAYE and CSOP; 7.6 Requirements common to EMI and CSOP; 7.7 Requirements common to EMI, SAYE, CSOP and SIP; 8. EMI; 8.1 Description; 8.2 Checklist for Granting an EMI Option; 8.3 Qualification Requirements for the Relevant Company and its Shares; 8.4 Tests applying to the Shares; 8.5 Qualification Requirements for the Optionholder; 8.6 Qualification Requirements for the Option; 8.7 The Terms of the Option; 8.8 Documentation and Registration; 8.9 Taxation of the Employee; 8.10 Summary of Advantages and Disadvantages of EMI Options; 8.11 Frequently Asked Questions on EMI Plans; 9. CSOP; 9.1 Description; 9.2 Checklist for Implementation of a CSOP; 9.3 Approval Requirements for the Shares; 9.4 Approval Requirements for Participating Companies; 9.5 Approval Requirements for the Optionholder; 9.6 Approval Requirements for the Plan; 9.7 Approval Process; 9.8 Valuation Issues; 9.9 Tax Treatment of Employee; 9.10 Tax Treatment of Employer; 9.11 Accounting Treatment; 9.12 Frequently Asked Questions; 10. SAYE; 10.1 Description; 10.2 Checklist for Implementation of an SAYE; 10.3 Approval requirements for the Shares; 10.4 Approval Requirements for Participating Companies; 10.5 Approval Requirements relating to Optionholders; 10.6 Approval Requirements for the Plan; 10.7 Approval Process; 10.8 Selecting a Savings Carrier; 10.9 Valuation Issues; 10.10 Tax Treatment of Employee; 10.11 Tax Treatment of Employer; 10.12 Accounting Treatment; 10.13 Summary of Advantages and Disadvantages of SAYE Options; 10.14 Frequently Asked Questions for SAYE; 11. SIP; 11.1 Overview; 11.2 Free Shares; 11.3 Partnership Shares; 11.4 Matching Shares; 11.5 Dividend Shares; 11.6 Checklist for Implementation of a SIP; 11.7 Approval Requirements for the Shares; 11.8 Approval Requirements for Participating Companies; 11.9 Approval Requirements relating to Participants; 11.10 Approval Requirements for the Plan; 11.11 Other Features of the SIP; 11.12 Approval Process; 11.13 Selecting a Trustee/Administrator; 11.14 Tax Treatment; 11.15 Summary of Advantages and Disadvantages of SIP; 11.16 Frequently Asked Questions on SIPs; 12. Exempt Employee Shareholder Shares; 12.1 Introduction; 12.2 Legal Requirements; 12.3 Exemption from Income Tax on Acquisition; 12.4 Exemption from Distribution Treatment on Disposal; 12.5 Exemption from Capital Gains Tax on Disposal; 12.6 National Insurance; 12.7 Employee with Material Interest; 12.8 Corporation Tax Issues; 12.9 Accounting and Company Law; 13. Share Purchase and Award Plans: Overview; 13.1 Structure of this Section; 13.2 Company Law Issues; 13.3 Common Ways of Providing Shares; 13.4 Unrestricted Shares; 13.5 Restricted Shares; 13.6 Convertible securities; 13.7 Nil-paid and Partly-paid Shares; 13.8 Ratchet Arrangements; 13.9 Value Freezing/Growth Shares/Hurdle Share; 13.10 Flowering Shares; 13.11 Joint Ownership Plans; 13.12 Share Appreciation Rights; 13.13 Discounted Share Offers; 14. Tax Treatment of Employee on Acquisition of the Securities; 14.1 Unrestricted Shares; 14.2 Restricted Securities; 14.3 Convertible securities; 14.4 Nil-Paid and Partly-Paid Shares; 14.5 Ratchet Arrangements; 14.6 Value Freezing/Growth Shares/Hurdle Shares; 14.7 Flowering Shares; 14.8 Joint Ownership Plan; 14.9 Share Appreciation Rights; 15. Tax Treatment of Employee after Acquisition of the Securities; 15.1 Unrestricted Securities; 15.2 Restricted Securities; 15.3 Convertible securities; 15.4 Securities Acquired for less than Market Value; 15.5 Ratchet Arrangements; 15.6 Value Freezing/Growth Shares/Hurdle Shares; 15.7 Flowering Shares; 15.8 Joint Ownership Plan; 15.9 Entrepreneurs’ Relief; 15.10 Income Tax Relief for Capital Losses; 16. Restricted Securities Elections; 16.1 The Elections; 16.2 Deciding to Make an Election; 16.3 Reporting; 17. Legacy Rules; 17.1 Forfeitable Shares Acquired before 17 March 1998; 17.2 Conditional Securities Acquired before 16 April 2003; 17.3 Removal or Variation of a Restriction on Securities Acquired Before 1 September 2003; 18. Anti-Avoidance and Special Situations; 18.1 Pre-acquisition Avoidance Cases; 18.2 Securities that have been Artificially Depressed in Value; 18.3 Artificially Enhanced Securities; 18.4 Securities Disposed of for More than Market Value; 18.5 Post-Acquisition Benefits; 19. Corporation Tax Relief; 19.1 General Principles; 19.2 CTA 2009, Part 12; 19.3 Relationship between Part 12 and other deductions; 19.4 CTA 2009, s1288; 19.5 CTA 2009, sections 1290 to 1297; 19.6 Establishment and Operation of Approved Schemes; 19.7 Pension Contributions; 19.8 Cash Cancellation Payments; 19.9 Transfer Pricing and Anti-Arbitrage Issues; 19.10 Termination Payments; 20. NIC Recovery and Transfers; 20.1 Primary NIC; 20.2 Secondary NIC Transfers; 21. Employment-Related Loans; 21.1 Prohibition on Loans to Directors; 21.2 Loans to Director acting as Trustee; 21.3 Tax on Cheap Loans to Directors and Employees; 21.4 Consumer Credit Act 1974; 21.5 Loans to Acquire Shares in Close Companies; 21.6 Loans to Acquire Shares in an Employee-Controlled Company; 21.7 Loans to Participators in Close Companies; 22. Termination Payments; 22.1 Overview; 22.2 Summary; 22.3 Employment Rights; 22.4 PILONs; 22.5 Payments for Post-termination Restrictions; 22.6 £30,000 Exemption; 22.7 Statutory Redundancy Payments; 22.8 Enhanced Redundancy Payments; 22.9 Payments from Registered Pension Schemes; 22.10 Approved Lump Sum Payments; 22.11 Overseas Pension Schemes; 22.12 Payments into Registered Pension Schemes; 22.13 Payments on Death, Injury or Disability; 22.14 Foreign Service Relief; 22.15 Long Service Awards; 22.16 Outplacement Counselling; 22.17 Legal Expenses; 22.18 Benefits in Kind; 22.19 Special Rules for Directors; 22.20 Compensation for Loss of Option Rights; 22.21 Corporation Tax Issues; 23. Corporate Transactions: Effect on Share Plans; 23.1 Change of Control; 23.2 Sale of Business or Subsidiary; 23.3 Bonus issue and rights issue; 23.4 Demergers and Spinoffs; 23.5 Earnouts; 24. Overview of Share Valuation; 24.1 Money’s Worth Valuation; 24.2 Capital Gains Tax Valuation; 24.3 Impact of Personal Restrictions; 25. Company Law Issues; 25.1 Model Documentation; 25.2 Public Offers of Securities; 25.3 Corporate Authority; 25.4 Issuing Shares for less than par; 25.5 Restrictions on Allotment of Shares; 25.6 Pre-emption rights; 25.7 Financial Assistance; 25.8 Definition of “Employees’ Share Scheme”; 25.9 Disclosure Requirements; 25.10 FSMA 2000; 25.11 Loans to Directors; 25.12 Interests in Contracts; 25.13 Membership of Holding Company; 25.14 Share Buybacks; 26. Accounting Treatment; 26.1 Accounting for Employment Costs – General; 26.2 Accounting for Cash Bonuses; 26.3 Accounting for Employment-related Securities and Options; 26.4 Accounting for Secondary NIC; 26.5 Accounting for Corporation Tax; 26.6 Accounting for Employee Benefit Trusts; 27. Anti-Avoidance; 27.1 Background; 27.2 PAYE Implications; 28. Meaning of “by reason of employment”; 29. Flowcharts and Checklists; 29.1 Readily convertible asset; 29.2 Corporation tax deductible share; 29.3 Attribution of EBT shares to beneficiaries; 29.4 Rollover of Approved options; 29.5 Rollover of EMI Options; 30. Form 42 Reporting; 31. Future Developments; 31.1 Department for Business, Information and Skills; 31.2 Office for Tax Simplification (OTS); 31.3 HM Treasury; 32. Glossary; Table of Authorities; Index