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30 October 2012
Shares-for-rights is a squalid and disreputable idea, says MIKE TRUMAN
KEY POINTS
- Employee owner proposal is derived from Beecroft rather than Nuttall.
- Shares liable to tax and NIC on acquisition and subject to employment security legislation.
- Any shares can be used and it may be possible to restrict the value repaid on forfeiture.
- Many employees may be offered no choice but to take a “shares for rights” contract.
When Philip Fisher wrote two weeks ago about the employee-owner proposals it was just after the surprise announcement of them by the chancellor of the Exchequer at the Conservative party conference.
It took me back to the days of Gordon Brown where tax policy was designed first and foremost for political impact an approach rightly derided by George Osborne and his party when in opposition.
It seemed to be...
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