HMRC comment on share plan implications of Murray case.

SPL submission from February 2014 regarding the draft legislation on tax incentives for employee ownership trusts for the Finance Bill 2014 published by HMRC and HM Treasury on 10 December 2013.

The draft legislation to which SPL’s comments relate is attached to the end of the submission.

SPL submission dated 20 June 2013 commenting on revised draft of Inheritance Tax Manual, section 42900 onwards relating to employee benefit trusts which was circulated by HMRC in June 2013 prior to publication of the revised manual on 1 July 2013.

Included in the attached copy of the submission is:

Not included in the attached document but referred to in the response and available in the “Trusts” section of this Knowhow Archive are:

Revised draft of Inheritance Tax Manual, section 42900 onwards relating to Employee benefit trusts which was circulated by HMRC in June 2013 prior to publication of the revised manual on 1 July 2013

Note of a talk by Brian Green QC on Employee Benefit Trust law issues. The talk covered pension schemes and ESOPs and the triangular relationship between (i) an company (ii) trustees and (iii) beneficiaries.

Green notes that it can be easy to overlook that the trustees of an ESOP owe their duties exclusively to the beneficiaries of the ESOP and are duty bound to bring independent judgement to bear in exercising discretions conferred on them. Green lays down some general legal principals governing the law of trusts in the pensions and ESOP context and discusses specific cases in detail.

Note of a meeting between the Share Scheme Lawyers Group and Mr. Perfect of the Inland Revenue, Capital Taxes Office on 11 October 1994 regarding issues raised in the group’s paper of 22 October 1991 on inheritance tax and capital gains tax issues relevant to Employee Share Ownership Plans. Mr. Perfect had responded to the issues raised in the 22 October 1991 note in a letter of 4 May 1993. The main issues discussed were:

File note of a conversation with the Inland Revenue Capital Taxes Office in respect of section 86 Inheritance Tax Act 1984 and section 72(2)(c) Inheritance Tax Act 1984.

Letter dated 4 May 1993 from Mr Perfect at the Inland Revenue Capital Taxes Office responding to the SPL paper dated 22 October 1991 on inheritance tax and capital gains tax issues arising in connection with employee benefit trusts (employee share ownership plans).

A paper dated 22 October 1991 prepared by the group and submitted to the Inland Revenue regarding issues relevant to Employee Share Ownership Plans. The main issues covered in the paper are:

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