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Practical Examples of how recent legislative & regulatory changes are affecting EBT trustees

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

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Practical Examples of how recent legislative & regulatory changes are affecting EBT trustees

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  1. Heidi Wilson Friday, 11 July 2008 Practical Examples of how recent legislative & regulatory changes are affecting EBT trustees

  2. 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

  3. 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

  4. 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

  5. …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

  6. …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

  7. 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

  8. 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

  9. The business itself • Residence and domicile tax reforms – day counting • GST • Financial resource requirements & the ANLA calculation • Professional Indemnity Insurance • FSA – Treating Customers Fairly

  10. Contact details • Thank you for listening • Heidi Wilson • Head of Offshore • HBOS Employee Equity Solutions • T: +44 (0)1534 281802 • M: +44 (0) 7797 741618 • Heidi.wilson@hbosees.com

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