Employee-Ownership Trusts

Taxation › Wills / Trusts / Wealth Management

Employee-Ownership Trusts

By David Pett
Claritax Books February 2022

Specifications

ISBN-13
9781912386529
Publisher
Claritax Books
Publication
February 2022
Format
Paperback
Jurisdiction
U.K. ? Countri(es) for reference only
Price on request
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Details

Since legislation was introduced in 2014, there has been a consistent growth in the number of company sales to employee-ownership trusts (EOTs).

Accountants need to understand the different aspects of establishing a suitable trust, including satisfying the tax requirements to obtain CGT exemption and putting in place suitable corporate governance arrangements to ensure that the vendors are paid in full and that the business continues to prosper as an EOT-owned company.

This new volume brings together the technical and practical aspects, offering a vital guide for professional advisers in this field.

The author, David Pett, is a tax barrister at Temple Tax Chambers in London.

Table of Contents

Background:
History of companies controlled by trustees for employees
The point of employee-ownership trusts

Capital gains tax relief:
The need for relief
Conditions
Pitfalls and practicalities
Losing the relief
Re-settlement by an existing employees' trust

Trustees:
Who are the trustees?
Terms of the settlement

Inheritance tax:
Vendor considerations

Practicalities at the outset:
Safeguarding the vendors' interests
Checks and balances – safeguarding ownership and control
The terms of purchase
Funding the trust
Employee communication

Looking ahead:
Planning for a future sale of the company
The very profitable company
Tax-free bonuses
Putting shares into the hands of the employees
Maintaining the employee-owned ethos

Potential drawbacks:
What can possibly go wrong?

Appendices
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