Fleet leasing provider Zenith has launched an employee share scheme to invest in the future of its staff.†
The growth share plan is designed to reward loyalty, incentivise and continue to attract employees.
It allows employees the opportunity to buy shares in Zenith, paying market price and holding the shares permanently in their own name.
Employee eligibility in, what is known as an ‘unapproved employee scheme’ (meaning it is not one of the four HM Revenue and Customs employee share schemes with special tax breaks) is dependent on bands, length of service and performance, but is open to all staff.
Employees can earn the right to buy additional shares by getting promoted through the grades. There will be an opportunities for qualifying employees to buy shares annually.
Mark Phillips, chief financial officer at Zenith, said: “The scheme retains and enhances our core principal of company-wide equity ownership among all of our employees, those who have worked in creating value in the business are set to make significant, well-deserved gains.
“The attractiveness of the scheme revolves around the fact that employees are treated as equity investors and that their gains will therefore be taxed as capital gains.”
Read also What to do when share schemes mature
Read more articles on employee share schemes