As you may be aware from your professional tax advisors, there has been recent comment from HMRC that it will publish further guidance on the operation of Chapter 4 (the rules relating to post-acquisition benefits from employment-related securities) in the new Employment Related Securities Manual. There has also been comment from HMRC on the operation of Chapter 4 in respect of issue of management equity and thinly capitalised companies.
The BVCA is in contact with the Treasury to seek clarification of HMRC's thinking and views on this issue. We will keep you informed of the progress of such discussions.
If you would like to discuss this further please do not hesitate to contact me
Kind Regards
Peter Linthwaite
Chief Executive
DID: 020-7025 2960
Email:
plinthwaite@bvca.co.uk 
