Introduction to employee-ownership
Businesses can engage people to work for them on many different terms. They may have full-time, part-time or fixed-term employees, workers or self-employed individuals. The distinction between these categories is a trade-off between flexibility, control and obligation, for both the employer and the individual.
The Government has introduced proposals for the creation of a new status of employee, the employee-owner.
Under this new status, employee-owners may each receive shares up to the value of £50,000 which will be exempt from capital gains tax on their sale. Employee owners will have the same rights as current employees but will give up the following rights: unfair dismissal (except where this is automatically unfair or relates to anti-discrimination law); statutory redundancy pay; and certain rights to request flexible working and time off for training. They will also be required to provide 16 weeks notice of a firm date of return from maternity leave, instead of the usual eight…
If you are registered and logged in to the site, click on the link below to read the rest of the Goodman Derrick briefing. If not, please register or sign in with your details below.
Click on the link above to download briefing.
Sign in or Register to continue reading this article
It's quick, easy and free!
Why register to The Lawyer
More relevant to you
News from Goodman Derrick
Briefings from Goodman Derrick
You are looking to sell your shares in a company, but is it possible that the confidentiality provisions in your shareholders’ agreement will prevent you from doing so?
This article considers the form that mansion tax is likely to take and reviews the future issues a government would face in implementing such a tax.
Analysis from The Lawyer
Active financial management is vital, but with firms looking more closely at the process of debt and fee collection, the personal touch still counts
The lure of the law can kick in at any stage of life. We speak to four individuals who have made a radical switch to a legal career