All at MM&K hope our clients, contacts, partners and other stakeholders enjoy a peaceful seasonal holiday break and we wish you a very happy New Year. We look forward to continuing our connections with all of you in 2025. A milestone passed 2024 has been a remarkable year. MM&K celebrated 50 years in business, a…

December 20, 2024 Read more >

The new Labour government delivered its Autumn Budget on 30 October 2024. The budget is set to raise taxation in the UK to an historic high level, while maintaining the promise made in the Labour manifesto that there would be no rise in the rate of income tax, national insurance and VAT for individuals. This…

November 10, 2024 Read more >

On 14 October 2024, HMRC published its Employment Related Securities Bulletin 57 (October 2024). This bulletin covers guidance on: the interpretation of “arrangements” for EMI independence test purposes the application of the ‘deeming provision’ to employment related securities and employment related securities options, following the Vermillion case; and processing of employment related securities. This bulletin…

October 18, 2024 Read more >

On 30 July 2024, HMRC published its Employment Related Securities Bulletin 56 (July 2024), aimed at employees, describing the ways to report and pay tax on dividends and capital gains tax. This bulletin can be accessed from Employment related securities bulletin 56 July-2024.  Dividends In respect of receipt of dividends: dividends received over £10,000 in…

September 18, 2024 Read more >

This year, MM&K celebrates 50 years in business as an independent firm specialising in executive remuneration, performance and remuneration governance. In that time, we have seen 13 Prime Ministers come or go and endured at least one recession every decade. We have also witnessed and continue to witness, significant changes in executive remuneration, owing to…

August 22, 2024 Read more >

The question of the future of executive remuneration is often raised around the time of a general election, with both executives and their employers keen to understand what the future might hold. MM&K’s Partner, Stuart James shared his insights at the 2024 Employee Share Ownership Centre’s Share Plans Symposium on Thursday, April 25. Stuart joined…

April 25, 2024 Read more >

In 2023, the EU Parliament introduced Directive 2023/970 to “strengthen the application of the principle of equal pay for equal work or work of equal value between men and women through pay transparency and enforcement mechanisms”. The most eye-catching elements of the Directive include: Job applicants having the right, before an interview is held, to…

February 21, 2024 Read more >

When we talk about how much an employee earns, it’s important to look beyond the numbers. The correlation between employee benefits, wellbeing initiatives and business performance is clear.  Well-designed benefits and wellbeing programmes play a key role in building a workplace culture, but they also drive performance. Core objective of executive remuneration policy are to…

February 21, 2024 Read more >

Looking back over the year, our Newsletter has covered a wide range of topics related to remuneration, performance and governance. As far as governance is concerned, it has been a year of false starts, the closing position being somewhere behind the starting point. But progress has been made in other areas. At the start of…

December 14, 2023 Read more >

The Supreme Court has recently published its decision in HMRC v Vermilion Holdings Limtied [2023] UKSC 37 providing clarity on what constitutes ‘employment related’ securities (ERS) options (and accordingly, ‘employment related’ securities) and the scope of the deeming provisions, for the purposes of the employment related securities legislation. Facts In 2006, Mr Noble, a consultant,…

November 16, 2023 Read more >

In a recent case, Ponticelli Ltd v Gallagher [2023] CSIH 32, the Court of Sessions held that an employee’s right to participate in a SIP transferred to the new employer under Transfer of Undertakings (Protection of Employment) Regulations 2006 (TUPE) and the transferee employer must provide a scheme of substantial equivalence for the employee to…

October 17, 2023 Read more >

On 27 July 2023, the International Sustainability Standards Board (ISSB) published the IFRS Sustainability Disclosure Taxonomy for public comment. This consultation follows the publication of the first two sustainability disclosure standards (ISSB Standards) in June 2023, namely, IFRS S1 and IFRS S2. The IFRS Sustainability Disclosure Taxonomy document proposes a common digital taxonomy for making…

September 14, 2023 Read more >