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Nuttall Review of Employee Ownership - a guide to source materials including the employee ownership tax exemptions introduced in the Finance Act 2014

This article was originally published on 9 February 2014 and contains links to the main documents related to the Nuttall Review of Employee Ownership. It has been updated to include links to statutory

This article was originally published on 9 February 2014 and contains links to the main documents related to the Nuttall Review of Employee Ownership. It has been updated to include links to statutory instruments that deal with making EMI options compatible with employee-ownership trusts and amendments to the "Nuttall Review" share buy-back provisions. There are additional materials available from the Making employee ownership more accessible UK Government policy web page.

1.  Nuttall Review – main documents



2.  Nuttall Review announcements



3.  Informal consultation


4. “Right to request” consultation



5.  Robert Oakeshott Memorial lecture


6.  Employee ownership and share buy backs



7.  EO Day 2013 publications following Nuttall review recommendations



8.  Amending the rule against perpetuities



9.  Implementation Group on Employee Ownership



10.  Government home pages

    • UK Government web page with “making employee ownership more accessible” policy statement 
    • Department for Business, Innovation & Skills and HM Treasury Employee Ownership home page 



11.  HM Treasury internal review

    • Budget 2012 (21 March 2012) announcement that “HM Treasury would conduct an internal review to examine the role of employee ownership in supporting growth and examine options to remove barriers, including tax barriers, to its wider take-up” 



12.  Employee ownership trust tax exemptions in the Finance Act 2014

    • Budget 2013 Report (20 March 2013) announcement that “The Government supports employee ownership as a business model and welcomes work by the Implementation Group on Employee Ownership to take forward the recommendations of the Nuttall Review...”. 
    • Budget 2014 Report (19 March 2014) confirmation that "As announced at Budget 2013, the government will introduce a package of tax reliefs to support the employee ownership sector" (para 2.71) 
    • Amendment to the independence requirement for the Enterprise Management Incentives arrangement to accommodate companies owned by an employee-ownership trust (1 October 2014 appointed day)

    • HM Revenue & Customs guidance on the Disclosure of tax avoidance schemes (known as DOTAS) explains in relation to the financial products hallmark that the employee-ownership trust rules "require shares to be disposed of to a qualifying vehicle and there is no need to include unusual terms in the shares for the rules to apply". Accordingly, this hallmark of a scheme that needs disclosing should not apply because one of its conditions, condition 3, should not be met.



Please note: Employee-shareholder status (originally announced as employee-owner status on 8 October 2012) is not a Nuttall Review recommendation, and neither is the Employer Ownership Pilot. For information on UK public service mutuals please start with the Cabinet Office Mutuals Information Service

 

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