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Money Observer - September 2002

Employee Share Ownership

Profit from your productivity. Buying shares in your employer’s company is not only convenient – it can also cut your tax and national insurance bills. Moira O’Neill outlines the various schemes on offer

EMI
Not to be confused with the music company whose share price has dived since it broke a £35million contract with pop star Mariah Carey earlier this year, EMI is the government’s other new employee equity pay plan for companies with gross assets not exceeding £30 million. The company can grant tax and NIC-advantaged share options worth up to £100,000, each to any number of employees, subject to total share value limit of £3 million.

The Inland Revenue statistics reveal that more than 100 companies are granting EMI share options each month to their staff. The scheme has proved particularly popular among internet start-up companies such as BusinessesForSale.com which, in March 2000, raised £2 million to develop its website. Chief Executive Leigh Nissim says "at that time it was hard to attract internet staff as the e-commerce sector was exploding. Therefore we needed to offer generous stock options."

BusinessesForSale.com started a non-approved share option scheme in April 2000. However, in August 2000, the chancellor announced EMI. Nissim says, "We were one of the first five companies to implement EMI schemes. It cost us just under £10,000 to put it in place."

According to Nissim, the main benefit is that the 12 employees now largely own the company. He says "Their interests are aligned with shareholders’ interests and they feel more motivated. This is key in a 21st century company."

However, thousands of companies do not qualify to use the EMI scheme because their businesses are in farming, property or hotels or because they are linked to venture capitalists or subsidiaries of other companies, perhaps an overseas parent.

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