Employee Ownership

HM Treasury written question – answered on 7th April 2016.

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Photo of Lord Hodgson of Astley Abbotts Lord Hodgson of Astley Abbotts Conservative

To ask Her Majesty’s Government whether there was any prior consultation before the decision was taken to end the post transaction valuation check and PAYE health check currently provided by HMRC with effect from 31 March 2016 and, if not, why not.

Photo of Lord O'Neill of Gatley Lord O'Neill of Gatley The Commercial Secretary to the Treasury

HM Revenue and Customs (HMRC) has been consulting representative bodies through the Valuation Fiscal Forum over the last 18 months.

HMRC has not withdrawn valuation services that are most relevant to employee share ownership schemes.

HMRC has withdrawn valuation checks for income tax and PAYE as in most cases acceptable valuations were submitted, and therefore the service offered was not of sufficient value.

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