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Written question asked by Lord Harrison (Labour) on Monday, 21 March 2016, in the House of Lords. It was due for an answer on Wednesday, 6 April 2016. It was answered by Lord O'Neill of Gatley (Conservative) on Friday, 1 April 2016 on behalf of the Treasury.

Employee Ownership

Question

To ask Her Majesty’s Government what assessment they have made of the impact on UK productivity of the planned withdrawal of HM Revenue and Custom’s valuation check service.

Answer

No impact on UK productivity is anticipated. HMRC has not withdrawn the valuation service for those share schemes most relevant to small and medium sized enterprises.

These include:

  • Enterprise Management Incentives (EMI),

  • Company Share Option Plans (CSOP),

  • Save As You Earn share option schemes (SAYE),

  • Share Incentive Plans (SIP) and

  • Employee Shareholder Status (ESS).

    HMRC has however announced a review of the valuation services for those schemes and is consulting interested parties.

    HMRC has withdrawn valuation checks for income tax and PAYE that are not part of these recognised employee ownership schemes. Most people submitted acceptable valuations and therefore the valuation service offered was not seen as needed.

Secondary information

Type
Written question
Reference
HL7246
Session
2015-16
Subjects
Valuation Revenue and Customs Productivity Employee ownership
Link
View this Written question on www.parliament.uk