An important phase in collaboration between HMRC and the employee share scheme sector was marked today (July 9) with the publication of the first jointly agreed worked example on the website of the Esop Centre.
The Centre hosts WEG – the Employee Shares Worked Examples Group – whose members include representatives from leading share scheme bodies meeting with HMRC. Agreed examples will be published first as Understandings on the Centre website and later by HMRC, to make the work of valuation simpler.
The first worked example to be agreed was submitted by WEG member Graeme Nuttall OBE of Fieldfisher. It covers particular circumstances in which actual and unrestricted market values may be the same, with the example of Healthcare CIC.
WEG is chaired by William Franklin, partner in Pett Franklin, who developed the idea with Tony Spindler of HMRC.
Malcolm Hurlston CBE, Centre chairman, said on behalf of the WEG team: “Today’s publication of the Healthcare worked example is a significant moment in working with HMRC. In the past collaboration has typically been good but changing pressures of demand and staffing have made this the new approach the best way forward.
“Other worked examples are in the pipeline and practitioners are encourage to submit suggestions to the secretariat: email@example.com
“I congratulate William Franklin and Tony Spindler on foresight from which many will benefit.”
For more information contact
0207 239 4971
- Members of the group are: William Franklin (Esop Centre), Graeme Nuttall OBE (Employee Ownership Association), Graham Muir (Share Plan Lawyers’ Group) and Ian Murphie (ProShare). David Craddock (Esop Centre) is technical secretary.