UK flag
IN-PERSON CHAPTER EVENT
24 July 2025, 3:30 - 7pm BST
UK AND CHANNEL ISLANDS CHAPTER MEETING - ANNUAL SUMMER SOCIAL
JULY UK CHAPTER MEETING

London, England

Trending now
All plan types
UK and Channel Islands

Join the UK and Channel Islands chapter on 24th July 2025, where we will explore the new PISCES implementation. Our panel of experts will break down key developments, followed by an evening of networking and drinks at our annual Summer Social, starting at 5:00 p.m.

The Private Intermittent Securities and Capital Exchange System (PISCES) is a new initiative in the UK designed to create a regulated secondary market for trading shares in private companies. It's essentially a new type of "private stock market" that aims to bridge the gap between private and public markets.  PISCES represents a significant shift in the landscape for private company equity. For share plan administrators, understanding this new system is crucial for ensuring compliance, optimizing employee share plan design for liquidity, managing tax implications, and effectively communicating these changes to employee shareholders.

KEY TAKEAWAYS

  • How PISCES creates new liquidity opportunities for private company shares, but with significant implications for employer tax and National Insurance Contributions (NICs) on employee share gains.
  • The recent legislative changes allowing existing EMI and CSOP schemes to be amended to facilitate PISCES-driven exercises while preserving their tax advantages.
  • How share prices established on PISCES will impact the valuation of shares for tax purposes, potentially affecting typical discounts for private company holdings.

We look foward to see you there.

Members and non-members are welcome to attend.  Registration is required.

LOCATION
CMS Cameron McKenna Nabarro Olswang LLP
Cannon Place
78 Cannon Street
London
EC4N 6AF
United Kingdom

Gemma Ludwig

Gemma Ludwig

Gemma is a Partner specializing in the area of cross-border incentive compensation. Her particular focus area is equity compensation, working with multinational corporations helping them manage their global compliance for employer reporting and withholding on incentive compensation in relation to internationally mobile employees.

Sarah Long

Sarah Long

Sarah joined WEALTH at Work in 2021 and now heads the share plans team from her home in Yorkshire. She brings more than 20 years of international experience in the equity‑plan and employee‑benefits arena, spanning both broad‑based and executive compensation programs.

ARTICLE
16 May 2025
PISCES TAX BREAK: GOOD NEWS FOR EMPLOYEE SHARE OPTIONS
External News

TaylorWessing

Finance, tax and accounting
Stock options
UK and Channel Islands

The UK government is launching PISCES, a new regulated marketplace allowing periodic secondary trading of private company shares, primarily for sophisticated investors, employees, and select insiders. New legislation will enable employee stock options under EMI and CSOP schemes to be exercised during PISCES trading events without losing their tax benefits, addressing liquidity challenges in private markets. PISCES also offers advantages like Stamp Duty exemptions, lighter disclosure requirements, and greater flexibility, potentially providing private companies with a new pathway toward liquidity and eventual public listing.

IN-PERSON CHAPTER EVENT
5 June 2025, 3 - 5pm BST
UK AND CHANNEL ISLANDS CHAPTER MEETING - EDINBURGH
Edinburgh

Edinburgh, Scotland

Trending now
All plan types
UK and Channel Islands

Join the UK Chapter In Edinburgh

Join the GEO UK Chapter in Edinburgh, Scotland, for a compelling afternoon discussing some of the latest hot topics in equity compensation. We will be sharing highlights from GEO's Annual Conference in Prague, a Sharesave case study where we will hear from a selection of organisations about the effectiveness of the communication and financial education methods used to highlight key messages for their recent Sharesave maturities, Marcus Wright (NatWest) will be discussing and analysing the latest economic updates. We will also be taking some time to focus on our Next Gen, and this will be followed by networking.  We look forward to seeing you in Edinburgh soon!

Please bring valid ID to access the event.

LOCATION
NatWest Group
Gogarburn
175 Glasgow Road
Edinburgh
EH12 1HQ

GEO members and non-members are welcome to join.  Registration is required.

IN-PERSON CHAPTER EVENT
22 May 2025, 3 - 5pm BST
UK AND CHANNEL ISLANDS CHAPTER MEETING - LONDON
London

London, UK

Trending now
All plan types
UK and Channel Islands

Bringing the Conference Highlights To You

Join the GEO UK Chapter for an insightful afternoon of learning about some of the latest hot topics in equity compensation. We will listen to insightful stories from issuers, and also hear some of the highlights from Prague, followed by networking. Whether you were at the latest GEO Annual Conference or not, this won't be an event to miss!

Please bring valid ID to access the event.

LOCATION
Aon Offices
122 Leadenhall St
London
EC3V 4AN
 

GEO members and non-members are welcome to join.  Registration is required.

IN-PERSON CHAPTER EVENT
15 May 2025, 4 - 5:30pm BST
UK AND CHANNEL ISLANDS CHAPTER MEETING - LEEDS
Leeds

Leeds, UK

Trending now
All plan types
UK and Channel Islands

Meet us in the North and Midlands

Join the GEO UK Chapter in the North of England, for an insightful session discussing some of the latest hot topics in equity compensation. We will also chat about some of the highlights from GEO's Annual Conference in Prague followed by networking. We look forward to seeing you for our first regional event of 2025!

Please bring valid ID to access the event.

LOCATION
MUFG Offices
Central Square
29 Wellington St
Leeds
LS1 4DL

GEO members and non-members are welcome to join.  Registration is required.