ifs ProShare, the voice of the employee share ownership industry in the UK, today released details of their annual employee share ownership survey – offering the most comprehensive picture of employee share ownership available in the UK.
In a year that celebrates 30 years of SAYE and 10 years of SIP, the survey reveals a significant increase in the amount individuals are contributing across both schemes. The vast majority of the approximately two million UK employees currently participating in some form of employee share plan do so via a Share Incentive Plan (SIP) or a Save As You Earn (SAYE) or Sharesave scheme.
Earlier this month, ifs ProShare urged the Treasury to safeguard the interests of these workers when drawing up a new Capital Gains Tax (CGT) regime as part of their Emergency Budget plans.
Julie Richardson, Head of Employee Share Ownership at ifs ProShare said:
"The ifs ProShare annual SIP and SAYE surveys offer a very reliable insight into employee share ownership in the UK today. Employee share plans are a relatively simple but tax efficient method of saving, with employees gaining a stake in the company they work for and the opportunity to share in the financial successes of their employer. However the current monthly savings limit for SAYE of £250, a limit that has been in place since 1991 is out of date. If this had been raised in line with inflation the limit would now stand at over £400. We call on the government to increase this limit in order to encourage people to save more."
Julie Richardson concluded,
"The significant increase in the monthly amount of money employees are contributing, in both SIP & SAYE, suggests that more employees are recognising the benefits of these schemes. We hope the government will provide the necessary support to allow these trends to continue."
For more information about employee share ownership or ifs ProShare please visit: www.ifsproshare.org
