Home Office: Transparency in supply chains – Revised guidance published

On 25 March 2025 the Home Office published a revised version of its statutory guidance ‘Transparency in supply chains: a practical guide’. This was first published in October 2015 and has been revised over time since then.

Section 54 of the Modern Slavery Act 2015 requires commercial organisations operating in the UK with a turnover of £36 million or more to, among other things, produce a modern slavery statement each financial year setting out the steps they have taken in the most recent financial year to manage modern slavery risks in their operations and supply chains.

This guidance provides advice on how organisations can produce high quality modern slavery statements and develop a more effective approach to tackling modern slavery. The Government encourages organisations to not just meet the letter of the law but the spirit too.

As well as looking at issues such as why tackling modern slavery and being transparent about the working conditions in supply chains is important and at general principles for undertaking antislavery activity, guidance is provided on:

• who is required to publish a modern slavery statement;
• how to write a modern slavery statement;
• how to approve and publish the statement;
• actions businesses should consider to tackle modern slavery.

(Home Office, Transparency in Supply Chains (TISC), Statutory guidance, 25.03.2025)

HMRC: Consultation on draft SI providing stamp duty and SDRT exemption for share transactions on PISCES

On 26 March 2025, HM Revenue and Customs published a draft statutory instrument which provides an exemption from Stamp Duty and Stamp Duty Reserve Tax (SDRT) for transfers of admitted PISCES shares in connection with trading activity that takes place on a PISCES under the Financial Market Infrastructure sandbox arrangements.

PISCES (Private Intermittent Securities and Capital Exchange System) is a new type of stock exchange that will allow private companies to have their shares traded intermittently (see further here). A power to make the regulations was introduced in the Finance Act 2025 and the draft regulations have been published for technical consultation.

The consultation will run until 23 April 2025.

(HMRC, Consultation on draft SI providing stamp duty and SDRT exemption for share transactions on PISCES, 26.03.2025)

HMRC Tax implications for companies and employees in relation to employees

On 26 March 2025, HM Revenue and Customs published a technical note that provides details of the tax implications in relation to employees trading their shares on PISCES, a new type of stock market that will be introduced in 2025.

PISCES (the Private Intermittent Securities and Capital Exchange System), a new type of stock exchange, will facilitate secondary trading of private company shares on an intermittent basis (see further here). HM Treasury (HMT) will lay secondary legislation in May 2025 to implement PISCES, with trading on PISCES is likely to begin later in 2025. 

HM Treasury ran a consultation on PISCES from March to April 2024 and published a summary of responses in November 2024. Many respondents submitted questions about tax implications for companies and employees in relation to employees trading their shares on PISCES. This technical note aims to address the questions raised and provide clarity on the tax implications.

The technical note sets out the tax consequences:

• when employees acquire shares in the companies they work for;
• how the readily convertible asset rules apply;
• how PISCES trading windows interact with the tax advantaged share schemes, Enterprise Management Incentives (EMI) and Company Share Option Plan (CSOP);
• when Capital Gains Tax is chargeable; and
• share valuation rules.

(HMRC: Tax implications for companies and employees in relation to employees trading their shares on PISCES, 26.03.2025)