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Employee-Ownership Trusts

Employee-Ownership Trusts

Employee-Ownership Trusts

Author: David Pett
Publisher: Claritax Books
ISBN: 9781912386529
Published In: February 2022
Format: Paperback
Jurisdiction: U.K. ? Disclaimer:
Countri(es) stated herein are used as reference only

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Description
Contents

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.

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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