Employee Ownership

HM Treasury written question – answered on 22nd February 2018.

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Photo of Michael Fallon Michael Fallon Conservative, Sevenoaks

To ask Mr Chancellor of the Exchequer, what estimate he has made of the potential cost to the public purse of reducing the period for which employee participants must hold their shares within share incentives plans from five years to three years.

Photo of Michael Fallon Michael Fallon Conservative, Sevenoaks

To ask Mr Chancellor of the Exchequer, if he will make it his policy to increase charitable giving by allowing small residual share incentive plan balances to be donated to charity.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

Share Incentive Plans allow employees to receive shares in their employer and benefit from Income Tax, National Insurance, and Capital Gains Tax reliefs. There are no current plans to make changes to Share Incentive Plans. The government keeps all areas of the tax system under review.

The dormant assets scheme enables a portion of funds from dormant accounts held by participating bank and building societies to be distributed to good causes via a central reclaim fund. The Government recently issued its response to the independent Commission of Dormant Assets, and is working with industry to consider how the scheme could be expanded to include a broader range of financial assets.

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