A&M Tax Advisor Update

UK Announces Further Revisions to the Job Support Scheme

Louise Jenkins, Senior Director

ljenkins@alvarezandmarsal.com

Tracey Norton, Senior Director

tnorton@alvarezandmarsal.com

October 23, 2020 / Europe

Following the release A&M Taxand Shares Updates to the UK Job Retention Scheme, the treasury issued The Job Support Scheme (JSS) policy paper.

The policy paper outlines the support for JSS Open and JSS Closed, both of which are available to employers, but employees can only be covered by one or the other, not both.

Employers with more than 250 employees will need to complete a financial impact test, so let us know if you need assistance with this.

At 3.2 the guidance clarifies the test for large employers, and that dividends or share buy-backs are not encouraged, but no statutory basis will be introduced, so this becomes an interesting moral position, and one which risk and remuneration committees may need to opine before action is taken by the employer.

Guidance will be provided on what to include in agreements with employees, by the end of October so whilst there is much to do in a short space of time, employers may need to pre-empt what that guidance may require.

Further guidance is also still due on the JSS Closed scheme…

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Europe



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