§ Mr. KeenTo ask the Chancellor of the Exchequer what statistics are held on employee share ownership plans established by companies over the last five years; how many companies and employees are covered by such plans; what is the level of control and ownership established by those plans; if he can give examples of plans establishing employee control of the running of their company; and if he will make a statement. [32426]
§ Mr. JackThe law provides favourable tax treatment for employee share ownership trusts or plans—commonly known as ESOPs—which meet certain qualifying conditions set out in the legislation. In addition, "case law ESOPs"—as they are often called—which do not meet all the statutory requirements, may nevertheless qualify for one of the tax reliefs available to qualifying ESOPs, following principles established in case law. There is no requirement for qualifying ESOPs to be approved in advance by the Inland Revenue, so it is not possible to say how many have been established. Information about other arrangements which may be described as ESOPs is not held centrally. The other detailed information requested is not available.