London, 10 February 2005
Universities frequently use 'spinout companies' to develop their intellectual property (IP). 'Spinout companies' help reward those who develop and apply their ideas across a wide range of disciplines. On the 2 December 2004 the Chancellor announced a measure in his pre Budget Report to ensure that Researchers are not faced with an income tax and national insurance charge arising on an increase in the value of their shares in the company due to the transfer of IP.
The Inland Revenue has today published on their web site the draft legislation and explanatory notes that will deliver the changes described above and in the Technical Note. The draft legislation takes into account comments received from the consultation.
NOTES FOR EDITORS
1. More details on employee share schemes can be found on the Inland Revenue's website at http:///www.inlandrevenue. gov.uk/sharesch emes
2. The amendments tabled today are published along with the explanatory notes at http://www.hm-treasury.gov.uk
News release No. 04/05
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