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Two proposed reliefs to encourage employee-owned companies
KEY POINTS
- Two new tax reliefs may provide a new life for employee trusts.
- The government adopts the recommendations from the Nuttall review.
- Capital gains tax exemption for disposal of a “controlling interest” to an “indirect employee ownership structure”.
- Income tax and NIC exemption on bonuses paid by indirectly employee-owned companies.
- Consultation on proposals until 26 September 2013.
Given HMRC’s sustained and all-out assault on employee trusts in recent years it might come as a surprise that in early July the Treasury announced plans for two new tax reliefs associated with them. Having been all but battered into submission employee trusts now look set to be given the kiss of life. What precisely is going on?
Fostering employee ownership
The government wishes to see significant...
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