In this article, Commercial Property Specialist Charlie Bennett discusses how Heads of Terms work, whether they’re legally binding and what to look out for when negotiating.
UPDATE: The Chancellor announced changes to the furlough scheme on Thursday 17th December - the update can be read here.
The Treasury issued a formal direction to HMRC yesterday concerning the Coronavirus Job Retention Scheme and it does potentially raise a concern for employers.
The Treasury Direction appears to say that not only should employers have notified employees that they should cease work and are being furloughed, but that express agreement has to have been received from the employees in order to claim the reimbursement of up to 80% of their salary. Therefore, if employers have not received written agreement from their employees yet (an email will be sufficient) then our advice is they should chase the employees for it as soon as possible