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Employee share scheme to cost government £1 billion
Financial Times, 11 December 2012: The government’s proposal to allow employees to sacrifice their employment rights in exchange for capital gains tax exempt shares, may cost the government £1 billion in lost revenue. The government has been heavily criticised by the Institute of Fiscal Studies for creating more tax exemptions at a time when mass scale tax avoidance is prominent in the news.
The scheme is under renewed scrutiny, with claims it will open tax loopholes which are unsustainable, eventually leading to legislation to close the loopholes or revoke the entire scheme. Paul Johnson, the director at the Institute of Fiscal Studies, pointed to the lack of consultation which was carried out before the initiative was launched. The chancellor was provided with the go ahead last week, despite a weak reception from businesses.
Subscribers to Nexis Newspaper services can see the full text article here: Fears of £1bn lost tax in share scheme; OBR warns over workers' rights policy
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