§ Mr. Matthew Banks
To ask the Chancellor of the Exchequer if he intends to proceed with his proposal to make it obligatory for part-time directors as well as part-time employees to be included in tax-relieved employee financial participation schemes, included approved executive share option schemes.
§ Sir George Young
No. After further consideration, and in the light of representations from institutional investors, my right hon. Friend the Chief Secretary to the Treasury proposes to introduce amendments at Report stage of the Finance Bill to ensure that the new provisions about the inclusion of part-time workers in tax-relieved employee financial participation schemes will apply only to part-time employees and not to part-time directors.