Employee Share Ownership for New Employee-Owners [UPDATE]

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Consultation on the proposed implementation of employee-owner status contracts has been opened by the Department for Business Innovation and Skills (BIS) and closes on 8th November. The proposal is that employees are entitled to between £2,000 and £50,000 of shares which will be exempt from capital gains tax in return for giving up their rights to claim unfair dismissal, some rights to request flexible working and training and statutory redundancy pay, and they will also be required to give longer notice periods to return from maternity or adoption leave. The reason for this proposal is the Government’s wish to improve the effectiveness and flexibility of the employment market in the hope that it will increase growth and create wealth and jobs. If you’d like to have your say, or read more detail, then click here Our first article on this can be found here

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