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The government is introducing reforms to the taxation of employee ownership trusts (EOTs) and employee benefit trusts to ‘prevent opportunities for abuse ensuring that the regimes remain focused on encouraging employee ownership and rewarding employees’.
Broadly the legislation:
- makes changes to the conditions for obtaining relief from capital gains tax on disposal of a controlling shareholding in a company to the trustees of an EOT to ensure that former owners cannot retain control of the company post-sale by retaining control of the trust require that the trustees of a qualifying trust be UK resident as a single body of persons and require that steps are taken to ensure that the consideration paid on disposal of shares to the trustees does not exceed market value;
- requires individuals to provide additional information to HMRC at the point of claiming the relief and also...
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