Practical Examples of how recent legislative & regulatory changes are affecting EBT trustees
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Practical Examples of how recent legislative & regulatory changes are affecting EBT trustees Heidi Wilson Friday, 11 July 2008
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Heidi Wilson Friday, 11 July 2008. Practical Examples of how recent legislative & regulatory changes are affecting EBT trustees. Introduction. Significant levels of change from both regulatory and legislative perspectives Awareness, planning, implementation & ongoing application - PowerPoint PPT Presentation
Transcript of Practical Examples of how recent legislative & regulatory changes are affecting EBT trustees
Practical Examples of how recent legislative & regulatory changes are affecting EBT trustees
Heidi WilsonFriday, 11 July 2008
Introduction
• Significant levels of change from both regulatory and legislative
perspectives
• Awareness, planning, implementation & ongoing application
• Practical examples from a working business
• Set up & take on, the life of the EBT and underlying plans,
vesting of options or awards
• The trust company itself
Set up & take on
• Customer due diligence procedures
• Terrorist financing & anti-corruption legislation
• Data Protection
• US Jobs Creation Act update
• Dividend waivers & the listing rules
• ABI Responsible Investment Disclosures
Day to day administration…
• Internationally mobile expatriates
• Director’s disclosures
• Execution of deeds by companies
• New HMRC forms for companies’ annual share
scheme reports
• Trust & Estate Tax returns for non-resident trusts
…during the life of the plan…
• Leaver rate National Insurance – weekly upper
earnings limit
• Stamp Duty
• Change of control – level of awards vesting
• Employee Benefit trust loans
…through to vesting of awards or options
• EMI changes
• Capital Gains Tax – new 18% flat rate & abolition of
taper relief
• Entrepreneur’s relief
• Two client company examples
Company A
• An EMI scheme implementation
• Options vesting Spring 2008
• Creation of an EBT to facilitate sale of shares
• Agreement of a share valuation
• Stamp Duty considerations
• New CGT rate applies now
Company B
• A share purchase plan
• A private company
• Forfeiture restrictions apply
• Bad leavers
• Now CGT rate changes apply
• An option plan for the future
The business itself
• Residence and domicile tax reforms – day counting• GST• Financial resource requirements & the ANLA calculation• Professional Indemnity Insurance• FSA – Treating Customers Fairly
Thank you for listening
Heidi Wilson
Head of Offshore
HBOS Employee Equity Solutions
T: +44 (0)1534 281802
M: +44 (0) 7797 741618
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