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Shares in University Spin-out Companies

Jon Meeten Director and Gary Deans Partner of KPMG consider recent tax developments with regard to researchers who acquire shares in university spin-out companies
Since the introduction of Schedule 22 to the Finance Act 2003 there has been considerable debate between the university sector and the Inland Revenue as to the tax position of university employees acquiring shares in spin-out companies. Spin-outs are only one mechanism that universities use to exploit the intellectual property (IP) that their academics have developed but it is an extremely important route. Most universities have an IP-sharing policy that recognises the academics' contribution by allowing them to share in any benefits received from the IP — for example in the form of shares in the spin-out.
A direct consequence of Schedule...

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