Free advice on employee ownership at online event

Cathy Cook, a partner in the corporate division of Harrogate-based LCF Law.

The event, run by Harrogate law firm LCF Law and Leeds-based accountancy firm Sagars, will focus on Employee Ownership Trusts (EOTs), which have become increasingly popular in recent years.

LCF partner Cathy Cook said: “EOTs are tax-efficient and can engender staff loyalty, but they are complex and not right for every business. There are many legal and tax implications, but when they’re done well, they can be hugely successful, and we’ll explore the main issues during the webinar.”

The webinar will run from 9am to 10am on Wednesday, April 27.

Ms Cook will explain how to structure and plan an EOT and the risks involved. Sagars’ business tax partner, Kate Naylor, will explain the tax rules and share thoughts on succession planning and funding, and LCF senior associate James Austin will explain how an EOT distributes profits and pays bonuses. There will be a 15-minute Q&A session.

To register, call 01274 848 836 or email [email protected]

Susan Clark, partner and head of corporate at LCF Law, said: “We have hosted numerous successful webinars providing free guidance for businesses over the last few years, which have attracted hundreds of attendees. This one on EOTs is bound to be popular, so we’d urge anyone interested to register now to secure a place.”

An EOT is an employee benefit trust established by the company for the benefit of the company’s employees, which then acquires the shares in the company from the selling shareholders. In order to qualify for the tax benefits, the EOT must meet specific criteria, both at the time it acquires the shares, and afterwards, once it is in control of the company’s shares.