The UK Government is currently in the process of a consultation on Employee Ownership Trusts (EOTs) and the chance to take part in the consultation ends of 25 September 2023.
Some of the key topics the consultation is looking to receive insight on include:
- A requirement that former owners and connected persons do not have majority control of an EOT’s board.
- Whether EOT boards should have a basic structure (i.e. whether employee and/or independent trustees should be required).
- Prohibiting offshore EOTs in the future.
- Simplification of the EOT employee bonus requirements.
You can find more information about the consultation here.
BHW is the only employee-owned law firm in Leicestershire and having been through the process ourselves, we are best placed to advise on the conversion process. If you are a professional, possible client or just want to understand EOTs in more detail, please don’t hesitate to contact our top ranked corporate team for more information on 0116 289 7000 or email email@example.com.