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BOOK REVIEW EMPLOYMENT - RELATED SECURITIES AND UNLISTED COMPANIES By Ken Moody Spiramus ISBN: 978-1907444-37-1 www.spiramus.com PRIMARILY FOR PRIVATE UNLISTED COMPANIES KEEN TO INCENTIVISE EMPLOYEES: HERE’S WHAT YOU NEED TO KNOW ABOUT EMI & ERS An Appreciation by Phillip Taylor MBE and Elizabeth Taylor of Richmond Green Chambers The EMI – Enterprise Management Incentives share option scheme and the ERS – Employment Related Securities regime -- apply respectively mainly to private, unlisted companies which are the subject matter of this book. And in the book, tax implications of employees purchasing shares in their employer’s company are thoroughly examined. Specifically, the author, Ken Moody, a Chartered Tax Adviser, deals with employee share acquisitions which do not benefit from any special tax advantages. So, whether you’re a director or employee, or if you’re involved either directly or indirectly with the running of an owner-managed business, you would do well to have a read of this useful volume in its 250 page entirety. Moody explains how the rules for taxing such share awards as the EMI and ERS actually work. The rules governing non-HMRC approved share options are included, as well as options which qualify under EMI. Capital Gains Tax, PAYE and the implications for national insurance are also covered, together with deductions made against corporation tax which may be claimed by the owner-managed company. ‘It is difficult to simplify what is not simple,’ admits the author adding that whatever your queries as an adviser in this specialist and somewhat abstruse area of tax, you’ll no doubt find the answers you seek in this book. Certainly, a glance at the Table of Contents and useful index will indicate the wealth of detail contained therein. Despite the complexity of the subject, Moody takes a plain English approach and the meticulously numbered text and commentaries are therefore approachable as a result, especially as they are accompanied by any number of practical examples to illustrate salient points. In the words of the author, a tax expert of over thirty years standing, the objective of the book is to provide professional advisers with the tools to enable them to give proper advice to owner-managers of (largely) unlisted private companies in matters relating to employee share acquisitions, an aim in which we’ve no doubt he has amply succeeded for the professional community. One can only applaud his thoroughness! For those wishing to do further research, the book also includes an extensive Table of Authorities but this is very much a ‘what you need to know’ book for your legal library.