Earlier this week ifs ProShare held a meeting with officials from Treasury to discuss the implications for employee share schemes, and in particular SAYE, resulting from the changes to Capital Gains Tax (CGT) announced by the Chancellor in the pre-budget report.
We were able to present updated statistics on the likely numbers of employees who could be adversely affected by the changes, and we are grateful for feedback from both members and non-members alike which enabled us to compile this information.
We were given a fair hearing and the officials are happy to engage with industry on the issue, although there was no suggestion that the decision to introduce a flat rate CGT would be reversed. They have promised to carefully consider the points we have made.
The officials understood that some companies are reluctant to be identified and recognise that ifs ProShare has given a representative picture of the potential impact these changes could have. However, ifs ProShare encourages any organisations concerned with the implications for share schemes to contact the Chancellor directly at HM Treasury, 1 Horse Guards Road, London, SW1A 2HQ or via e-mail to:
private.office@hm-treasury.gov.uk. We would also appreciate receiving copies of your submission for our records.
We would be very happy to provide you with a template if you would find that helpful. Please do not hesitate contact us if you would like assistance.
In addition the following Technical Sub Groups meet to discuss particular issues in more detail.
