While the Supreme Court judgment in Vermilion provides clarity on some of the questions raised by the deeming rule, it does not touch on questions raised by a number of other common scenarios, writes Nigel Doran (Macfarlanes).
Vermilion Holdings Ltd v HMRC [2023] UKSC 37 is the first case to go to the Supreme Court on the meaning of the deeming rule in the employment-related securities regime (ITEPA 2003 Part 7). Part 7 covers both employment-related securities (‘ERS’) and employment-related securities options. The case is concerned with options but the deeming rule is identical in both parts of Part 7.
The facts
The facts of the case (simplified) are as follows.
In 2006 Vermilion Holdings Ltd carried out an equity funding exercise in relation to which Marcus Noble provided corporate advisory services as an independent consultant. Part of the remuneration for his services was the grant to him...
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While the Supreme Court judgment in Vermilion provides clarity on some of the questions raised by the deeming rule, it does not touch on questions raised by a number of other common scenarios, writes Nigel Doran (Macfarlanes).
Vermilion Holdings Ltd v HMRC [2023] UKSC 37 is the first case to go to the Supreme Court on the meaning of the deeming rule in the employment-related securities regime (ITEPA 2003 Part 7). Part 7 covers both employment-related securities (‘ERS’) and employment-related securities options. The case is concerned with options but the deeming rule is identical in both parts of Part 7.
The facts
The facts of the case (simplified) are as follows.
In 2006 Vermilion Holdings Ltd carried out an equity funding exercise in relation to which Marcus Noble provided corporate advisory services as an independent consultant. Part of the remuneration for his services was the grant to him...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
