Government announces capital gains tax savings for new employee-owners
On 8 October 2012, the Chancellor of the Exchequer announced plans for the introduction of a new form of employment relationship – the “employee-owner”. This announcement follows the publication in July this year of the Nuttall Review of Employee Ownership which made a number of recommendations to the Government to encourage employee ownership.
- the terms of the relationship will be contained in a new form of employment contract;
- an employee wishing to become an “employee-owner” will exchange some of their UK employment rights for shares in the business they work for;
- any capital gains realised by the employee in relation to the shares acquired will be exempt from capital gains tax; and
- employee-owners will remain eligible to participate in existing employee share ownership schemes.
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