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Budget comment: on employment taxes

It was a relatively quiet Budget for employment taxes. Most of the major changes relating to increases in tax and NIC are yet to be felt and the Chancellor restricted himself to dealing with some anti avoidance issues and matters of clarification. Interestingly the potentially major issue of dealing with remuneration through Employee Benefit Trusts will be dealt with through consultation.

Enterprise Management Incentives (EMI)

In order to comply with EU State Aid guidelines companies that wish to grant EMI options to their employees will be required to have a 'permanent establishment' in the UK. This is a relaxation of the current EMI requirement that a company granting qualifying EMI options to its employees must carry on a trade 'wholly or mainly' in the UK. The amendment will allow more companies to operate EMI plans.

Company Share Ownership Plans (CSOP): anti-avoidance

The EMI rules were not...

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