Malcolm Hurlston, chairman of the Employee Share Ownership Centre, is none too impressed with HMRC. He is of the view that blunders by HMRC have resulted in a sharp fall in the value of share options made by small firms under the terms of the Enterprise Management Initiative (EMI) scheme.
Mr Hurlston pulls no punches, and accuses HMRC of a "botched statistical analysis".
The initial value of options granted during 2005-06 has been reduced from £430M to £280M with the average value cut from £16K to £10K per employee.
A review of the methods used in calculating the value of the options has identified a number of blunders in EMI and other schemes, including company and discretionary share option schemes where the value of 2004-05 options was reduced from £760M to £600M and from £760M to £590M in 2005-06.
The tax system is stifling Britain's enterprise culture.
Tax does have to be taxing.
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