Summary and implications
In July 2012, the Nuttall Review of Employee Ownership (the Review) was published and made a number of recommendations to the Government to encourage employee ownership. Employee ownership in the Review is described as a significant and meaningful stake in a business for all its employees.
In response to the Review, it was announced in Budget 2013 that the Government will provide £50m annually from 2014 to 2015 to support employee-ownership models in order to incentivise growth of the sector.
The Government has now published a consultation – Supporting the employee-ownership sector (July 2013) – in which the Government:
- sets out proposals to introduce two tax reliefs aimed at encouraging, promoting and supporting indirect employee-ownership structures; and
- seeks views on the detail of those proposals, in particular, in relation to the circumstances in which the exemptions should apply and the extent of the exemptions.
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