Coronavirus Job Retention Scheme (“CJRS”) extended and the launch of the Job Support Scheme (“JSS”) postponed

UPDATE 5 November 2020: Chancellor Rishi Sunak confirmed that the CJRS will be extended until the end of March 2021 and that the Government will review the policy in January 2021.

UPDATE: Coronavirus Job Retention Scheme (“CJRS”) extended and the launch of the Job Support Scheme (“JSS”) postponed

The Government announced on 31 October 2020 that the CJRS will be extended by a further month and will remain open until December 2020 in order to provide additional support to employers through the second national lockdown in England which is due to commence on 5 November 2020. As a result, the start of the JSS has been delayed until the extended CJRS ends.

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Furloughed employees and EMI Share Option Schemes

As you may have read in our blog post relating to furloughed workers, a furloughed employee is still an employee, given that they remain on the company’s payroll during any period of furlough leave. This is despite the fact that in order for the employer to recover up to 80% of the furloughed employee’s wages under the Coronavirus Job Retention Scheme (CJRS), the employee cannot do any work whatsoever for the employer during the furlough period.

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The Future Fund scheme

The Government’s Future Fund scheme opened to applications from 20 May 2020 onwards. This blog post gives you general information relating to the scheme, provides useful links to various associated sources and explores the implications of the scheme on the SEIS / EIS regimes.

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Gifting Shares to Employees

This blog post focuses on how to gift shares to employees in a private limited UK company, including how HMRC value such shares and how to fill in the P11D form.

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Can a non-UK foreign company raise investment pursuant to SEIS and/or EIS?

One of the main requirements for companies wishing to raise investment pursuant to SEIS and EIS is that they must have a ‘permanent establishment’ in the UK (as detailed in HMRC’s guidance manuals VCM34050 and VCM13020). This means that an essential or substantial part of the company’s business must be wholly or partly carried on through a fixed place of business in the UK. This means that the business activities that are carried out in the UK can’t be of a preparatory or auxiliary character.

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What are the implications on SEIS and EIS if your company receives State Aid?

Following the United Kingdom’s departure from the European Union on 31 January 2020, we have now entered into a transition period. This time-limited period was agreed as part of the Withdrawal Agreement and is currently scheduled to last until 31 December 2020. Until then, it will be ‘business as usual’ for citizens, consumers, businesses, investors, students and researchers, for instance, in both the EU and the United Kingdom.

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