§ Mr. Lawsonasked the Chancellor of the Exchequer how many approved profit-sharing schemes have been set up in accordance with the Finance Act 1978; how many workers are currently participating in such schemes; and what is the total value of the shares so far issued to employees under the terms of such schemes.
§ Mr. Robert Sheldon:No profit-sharing schemes have yet been formally approved under the Finance Act 1978 provisions. So far 30 companies have submitted draft documents to the Inland Revenue and discussions are proceeding in these cases. The number of potential participants in the 30 schemes so far submitted is not known but may be in the region of 250,000. The Finance Act 1978 provisions do not apply to shares allocated to employees prior to 6th April 1979.