- 11/11/1998Minutes of a meeting with the Inland Revenue on 11 November 1998
Minutes of a meeting with the Inland Revenue on 11 November 1998. Considers the following:
- clawback of tax relief under QUESTs;
- cash cancellation payments by QUEST trustees;
- capital gains tax for QUEST trustees on disposal of shares and application of D35 to QUESTs;
- the period within which money received by QUEST trustees must be spent;
- meaning of "reconstruction or amalgamation" for the purposes of approved schemes;
- the relationship of the requirement for participants in approved schemes to be full-time and the Companies Act meaning of employees' share scheme;
- whether the company can retain discretion as to the exercise of options under a Sharesave Scheme which are more than three years old;
- the position of SAYE optionholders who leave an associated company before the maturity of their options;
- how rolled over options count towards the £30,000 limit for CSOPs;
- the application of Section 140A ICTA to LTIPs.
- 08/09/1998Note of a meeting with the Inland Revenue on 8 September 1998
Note of a meeting with the Inland Revenue on 8 September 1998. Considers:
- The application of Section 140C (now repealed) on management buyouts where employees were not employed by the company whose shares they were given.
- Relationship between Section 140A and Section 162 (now repealed)
- Whether a companys' shares become readily convertible assets just because advisers have been consulted in relation to a possible listing.
- Whether pre-emption provisions or the mere existence of an employee trust amounted to trading arrangements.
- Application of 140D (now repealed but dealing with convertible shares) to situations where conversion was automatic.
- 19/06/1997Note of a meeting with the Inland Revenue on 19 June 1997
Note of a meeting with the Inland Revenue on 19 June 1997. Considers:
- Profit Sharing Schemes - operation of PSS with cash payments, Inland Revenue practice in dealing with CREST share holdings and completion of tax returns;
- QUESTs - appointment of trustees, Inland Revenue clearance procedure, number of QUESTs established and qualification as "persons elected to represent the employees;
- Approved CSOP - clause for the collection of PAYE on exercise and provisions in the rules relating to amendment of Approved CSOP;
- Shares acquired at undervalue or as a gift - application of section 165 ICTA 1988;
- Valuation of shares in an unquoted company;
- Savings Related Share Option Schemes - shares ceasing to satisfy requirements in Schedule 9, ICTA 1988.
- 22/05/1996Minutes of a meeting with the Inland Revenue on 22 May 1996
Minutes of a meeting with the Inland Revenue on 22 May 1996. Considers the following:
- whether a person can apply for more than one sharesave contract as a result of one offering (eg one three-year and one five-year contract);
- whether scaling down under a Sharesave Scheme can be done on the basis that seven-year contracts are treated as five-year contracts;
- the treatment of CSOP options granted before Inland Revenue approval;
- the validity of rules which treat options granted in excess of the £30,000 as unapproved options;
- application of PAYE on exercise of options to former employees;
- use of five or seven day averages for determining the exercise price of an unapproved option;
- valuation, for tax purposes, of shares of unquoted companies;
- pre-emption provisions and approved schemes;
- inheritance tax and QUESTs.
- 24/05/1995Agenda of a meeting with the Inland Revenue on 24 May 1995
Agenda of a meeting with the Inland Revenue on 24 May 1995. Considers the following:
- whether shares under an approved Profit Sharing Scheme can be held by a nominee for the trustee;
- the extent to which the rules of a sharesave scheme can give the directors discretion as to when an option which is more than three years old can be exercised;
- scaling down of applications for options under a sharesave scheme;
- whether a TUPE transfer will be treated as a redundancy for tax purposes (Chapman v Elkin);
- the application of the rollover rule in the Inland Revenue's model rules to employees of companies which are not participating companies;
- the capital gains tax position of an acquiring company which grants rolled over options to employees of the bidder;
- the tax position of sharesave options where the shares acquired are swapped for shares in the bidder under a flip-up article;
- the provision of stapled stock under approved schemes;
- the content of the declaration required in connection with approved schemes;
- the base cost of shares acquired by employees on exercise of options.