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New shares

New shares

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More companies now seem to be issuing alphabet shares.  Form 42 states 'Employment-related securities and securities options are those acquired by reason of employment, or deemed to be so acquired because the opportunity to acquire them is made available to employees by an employer or a person connected with an employer.'

As directors are not employees, is my interpretation that a Form 42 is not required correct? 

Any comments welcome.

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By BKD
15th Apr 2014 10:34

Quite incorrect

.

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By johngroganjga
15th Apr 2014 10:39

Yes of course directors are employees.

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By Rammstein
15th Apr 2014 10:51

Cheers

Thanks fella's!  I was trying to avoid doing the forms and wondered if I had found a way.  Second opinions are always appreciated.

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By Steve Kesby
15th Apr 2014 13:09

The words...

... employee and employment need to be read in the context of ITEPA 2003, s. 5.

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By Rammstein
15th Apr 2014 13:38

Steve

Thanks Steve, I was hoping that the directors might not be employees in the same way as they are not for NMW purposes.  Looks like a day of Form 42s for me!

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