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Top 5 Tips for EMI Options
1) Separate generic scheme rules (that apply to everyone, e.g. when options lapse on leaving the company before options vested) and then bespoke option certificates that include details specific to each option holder such as exercise conditions (for example every year of employment or with reference to company turnover target or individual metrics such as sales targets).
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An unapproved share option scheme (which is now increasingly referred to as a non-tax advantaged share option scheme) provides the right, but not obligation to acquire a given number of shares from a company at a future date for a fixed price.
For the purposes of this article, we will continue to refer to these schemes as “unapproved” schemes because this is how many people still refer to them. Many industrial professionals, however, have adopted the term “non-tax advantaged” in place of “unapproved”.
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HMRC updated its Venture Capital Schemes Manual VCM8560 on 15 March 2021.
The update is regarding Example 3 of VCM8560 which presents an example of a qualifying film company.
The new guidance provides further clarity on how the risk-to-capital condition applies to Film and TV production companies that are seeking SEIS/EIS advance assurance approval.
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Convertible Loan Notes (“CLN”) are loan notes which grant the holder a right to subscribe or convert the loan amount into shares in the relevant company. We will explore the potential benefits and drawbacks of using CLNs in more detail below, but they are often used as a form of bridging facility by start-up companies ahead of a future round of venture capital financing.
Where an investor invests in a company via a CLN, unlike a venture capital investment where equity is issued up-front, the investment amount will be treated as a loan to the company and (subject to the terms of the CLN) there will be an option or right to convert that amount into shares in the company at a later point in time. Another key difference when investing via a CLN as opposed to venture capital, is that the share price and most likely the class of share will not be known at the date of the investment.
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This blog aims to provide a short overview and explanation of contract termination with key considerations for those creating contracts. Throughout this blog, we reference an article by Kira Systems on ‘How to Terminate a Contract’, which includes several useful infographics that demonstrate how to include a termination clause within a contract.
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The United Kingdom Medical Freedom Alliance (UKMFA), Lawyers for Liberty and The Workers Union of England have published an open letter to employers who are demanding Covid-19 Vaccination of Employees. Employees and potential employees are able to share this letter with employers who are proposing to mandate Covid-19 vaccines on their employees.
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Can an investment be EIS qualifying if a company acquires intellectual property and/or generates revenue from royalties?
The Enterprise Investment Scheme (EIS) is an attractive option to those wishing to grow their business and attract the attention of investors (by offering tax reliefs to those who invest).
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With exceptional physical distancing requirements in place during Covid-19, witnessing a legal document has been proven very difficult if not almost impossible. Here, at The Jonathan Lea Network we are always looking for ways we can overcome any challenges and improve the service we offer our clients and therefore we’re pleased to announce that from today The Jonathan Lea Network can offer DocuSign eWitness electronic signing to our clients.
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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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UK intellectual property (IP) law encompasses several different forms and types of IP such as copyright, trade marks, patents, design rights and trade secrets. IP is defined as any intangible creative work and, therefore, for legal purposes is considered an asset.
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