22 September 2023 Insight Government proposing to reform Employee Benefit Trust rules The government has launched a consultation on the conditions that Employee Benefit Trusts (“EBTs”) must meet to benefit from certain inheritance tax reliefs. What is an Employee Benefit Trust? What changes are the government proposing? Find out more Bookmark this page 3 min read
6 September 2023 Insight Intermittent Trading Venue – a new scheme to provide liquidity for growth companies in the UK A new trading venue is set to launch in London next year. The plan is to create a platform that allows windows for trading in private companies' shares at pre-determined intervals. This has never been done before in the UK. The hope is that this will support the growth of companies in the UK by providing liquidity in their shares, while also bridging a gap between private and public markets. Whether it can match up to these hopes will depend on the details. Bookmark this page 3 min read
6 September 2023 Insight Proposed changes to the requirement for shareholder approval for class 1 transactions under the Listing Rules The CLLS and Law Society have supported the FCA’s proposal to reform equity listing rules including by the creation of a new single equity segment for commercial companies (ESCC) and the removal of the existing requirement for premium listed companies to seek shareholder approval for Class 1 transactions. This should make UK listed companies more competitive in M&A auction processes. However, the current proposals would appear to be less onerous than the current AIM regime for significant transactions. It remains to be seen whether there will be a corresponding change to the AIM rules. Bookmark this page 3 min read
6 September 2023 Insight UK Digitisation Taskforce Interim Report – Abolition of Paper Share Certificates? The UK Digitisation Taskforce seeks to progress the digitisation of paper share certificates and improve the UK’s system of share ownership. The interim report issued by the UK Digitisation Taskforce states that they see “no reason why legislation should not be brought forward in short order to eliminate fresh issuance [of paper share certificates] for any purpose at an implementation date in the near term – say, within six months”. Bookmark this page 5 min read