Employee Ownership Trusts - Traps to Avoid
Category: Tax | Date: 08/11/2023 13:40 | Duration: 100 mins | Tag: WITX2UK23S3 | Type: Webinar | Speaker: Nick Wright, Pete Miller
Course Details
Advisors to owner managed businesses are only too aware that, at some point, their clients are likely to retire and will want to pass the business on. One of the more interesting options over recent years has been a sale to an employee ownership trust (EOT). The generous tax relief, whereby the seller does not pay any capital gains tax on the proceeds, is designed to encourage selling businesses into employee ownership. Employees obviously appreciate the ability to share in the success of the business, so in many ways it's a win win situation! This seminar will be of particular interest to accountants and other advisers who may be familiar with other forms of succession planning, such as a third-party sale or a management buy-out, but may be less familiar with the requirements for selling to an EOT.
In this session Pete Miller & Nick Wright will cover the following topics;
- Why sell to an EOT?
- The relief requirements
- Disqualifying events
- Selling shares out of an EOT
- Future changes?
- Employee incentivisation for companies owned by EOTs.
By attending this session advisers will understand the requirements for selling a company to an EOT without a charge to capital gains tax, as well as the longer-term requirements to maintain the relief.
This session will be of interest to all advisers to owner managed businesses.
Course Level: Foundation / Intermediate
CPD Course Speaker
Jerroms Miller
Nick Wright
Associate director Nick joined Jerroms as a Corporate Tax Manager in 2019 to undertake technical tax research, planning and advisory projects for business and corporate clients.
With Pete and the team, he provides specialist corporate tax advice in areas such as transactions tax, company reconstructions and Employee Ownership Trusts, Employment Related Securities and employee share schemes both to individuals and to accountants and solicitors requiring support for their own clients.
Nick particularly enjoys finding solutions to planning projects in often very technical/complex taxation areas, as well as supporting clients to achieve the optimum solution to their business tax issue, whether that relates to selling their business, demerging, or rewarding employees.
With Pete and the team, he provides specialist corporate tax advice in areas such as transactions tax, company reconstructions and Employee Ownership Trusts, Employment Related Securities and employee share schemes both to individuals and to accountants and solicitors requiring support for their own clients.
Nick particularly enjoys finding solutions to planning projects in often very technical/complex taxation areas, as well as supporting clients to achieve the optimum solution to their business tax issue, whether that relates to selling their business, demerging, or rewarding employees.
The Miller Partnership
Pete Miller
Pete formed The Miller Partnership in April 2011 to offer expert advice to other advisers on all business and corporate tax issues. Pete’s specialist areas include the transactions in securities rules, reorganisations, reconstructions, distributions, partnerships, Patent Box, HMRC clearances, disguised remuneration and the taxation of intangible assets.
Pete has worked in tax for over 33 years, including nearly 10 years as an Inspector of Taxes. He worked in Birmingham and London with roles in both Policy and Technical Divisions, where he was the Inland Revenue’s expert on all matters relating to the distributions legislation. He then worked for 11 years in ‘Big 4’ firms, specialising in the taxation of corporate transactions.
Pete speaks and writes regularly on tax issues and is lead author of Taxation of Company Reorganisations (Bloomsbury Professional, 6th Edition October 2020).
Pete has worked in tax for over 33 years, including nearly 10 years as an Inspector of Taxes. He worked in Birmingham and London with roles in both Policy and Technical Divisions, where he was the Inland Revenue’s expert on all matters relating to the distributions legislation. He then worked for 11 years in ‘Big 4’ firms, specialising in the taxation of corporate transactions.
Pete speaks and writes regularly on tax issues and is lead author of Taxation of Company Reorganisations (Bloomsbury Professional, 6th Edition October 2020).