Vol. 399 No. 7
64 Proinsias De Rossa asked the Minister for Finance if he will outline (1) the number of employee shareholding schemes currently in operation (2) the number which have been agreed in each year since 1982 (3) the number of employees who have taken out shares (4) the total value of shareholding by employees and (5) the tax forgone by the Revenue from such schemes.
The total number of profit sharing schemes approved to 5 April 1990 for tax relief under the provisions of Chapter IX of the Finance Act, 1982, is 87. These schemes are currently in operation in the sense that they have been approved and that shares have been or may be appropriated to employees in accordance with their terms.
The following table, which is based on returns made by employers, sets out the information requested in relation to approved schemes in so far as it is available:
|
Year ended 5 April |
Number of schemes approved |
Number of employees** participating |
Estimated value of shares appropriated** |
Estimated cost of tax relief |
|
£ million |
£ million |
|||
|
1983 |
Nil |
Nil |
Nil |
Nil |
|
1984 |
2 |
5,620 |
1.85 |
0.75 |
|
1985 |
6 |
6,557 |
2.92 |
1.25 |
|
1986 |
7 |
17,165 |
8.2 |
3.5 |
|
1987 |
13 |
13,179 |
6.0 |
2.6 |
|
1988 |
18 |
19,206 |
11.9 |
5.2 |
|
1989 |
21 |
22,497 |
14.4 |
6.0 |
|
1990 |
20 |
Not available |
Not available |
Not available |
