ifs ProShare, the voice of the employee share ownership industry in the UK, has welcomed news that the Coalition Government is considering several different options before making a decision on how Capital Gains Tax (CGT) rates will be increased.
ifs ProShare, whose members include Asda, BP, BT, Diageo and National Grid has already written to the Chief Secretary and Financial Secretary at the Treasury as well as the Business Secretary, Vince Cable, to ensure the interests of employees who participate in employee share plans are protected.
Julie Richardson, Head of Employee Share Ownership at ifs ProShare said:
"We obviously understand the need to increase tax revenue during these straitened times. However, it is imperative that the interests of workers who participate in all employee share plans are protected. We are not talking about short term speculators but staff of all levels, including front line employees in supermarkets and bank branches, as well as call centre staff – all of whom will have been investing in their company share plans for several years.
ifs ProShare would like the Government to class shares owned by employees as business assets, as was previously the case. We want to ensure that the unique role that employee share ownership plays in helping the UK economy is protected under any new CGT regime."
For more information about employee share ownership or ifs ProShare please visit: www.ifsproshare.org
