Employee ownership trusts: a departure from convention

In late October 2022 specialist tax consultancy firm YesTax transitioned to employee ownership through an employee ownership trust (EOT). The decision to become employee owned was driven by the desire to sustain the company’s unique culture and to recognise the fact that the business was built upon the hard work and commitment of its employees.

This article explores the journey to becoming employee-owned and also considers the experience of a tax advisory firm being the client and not the adviser in a tax-related transaction. The process of planning communicating and finalising a change of company ownership is never a simple task – are things different when an EOT assumes control?

What is an EOT?

An EOT is a special type of employee benefit trust introduced in 2014 by the Cameron-Clegg coalition as an attempt to encourage more shareholders to set up a...