Search

How can we help?

Icon

Intec Systems Limited becomes employee ownership owned

The Corporate and M&A team at Clarkslegal has advised Intec Systems Limited through the transition to employee ownership owned.

Intec Systems Limited was founded in 1987 by Tim Malone and Stephen Joseph to provide software solutions to the private and public sector.

“By widening ownership of the business to its employees Intec is securing the future of the business, including its ethos, values and culture. Tim and I also strongly believe the people best able to run – and indeed own – the business, are those who work in it”, says Stephen Joseph.

“It was a pleasure to work with the founders and the wider advisory team on the structure of the general transaction through to completion”, says Stuart Mullins a partner in the firm’s corporate and commercial team.  “We are increasingly being engaged more and more by business owners who are looking at employee ownership as a mechanism to ensure strong succession for their businesses and to maintain motivation by all those who work in it.”

The Finance Act 2014, implemented the recommendations of the Nuttall Review which highlighted the positives of employee ownership which included greater employee retention, productivity and wellness.  The Finance Act 2014 also introduced tax reliefs for those selling to a qualifying Employee Ownership Trust.

“By widening ownership of the business to its employees Intec is securing the future of the business, including its ethos, values and culture. Tim and I also strongly believe the people best able to run – and indeed own – the business, are those who work in it”, says Stephen Joseph.

There are strict rules around qualification and equality that need to be followed in order to benefit from the tax reliefs available, which includes tax free bonuses being paid to employees of qualifying structures.

If you would like any more information on employee ownership, please get in touch with our Corporate and M&A team.

About this article

Disclaimer
This information is for guidance purposes only and should not be regarded as a substitute for taking legal advice. Please refer to the full General Notices on our website.

About this article

Read, listen and watch our latest insights

art
  • 01 June 2023
  • Employment

Facts employees should know about their personal data

We previously published an article on facts an employer should know about holding personal data, so it is only fair that we also write about the other side of the coin – facts employees should know as individuals whose personal data is held by their employer.

art
  • 01 June 2023
  • Immigration

What is the Immigration Skills Charge (ISC) and how much do you have to pay?

The Immigration Skills Charge (ISC) is a levy on companies who sponsor migrant workers. This levy was imposed on 6 April 2017. The Government states that the charge has been levied to contribute towards addressing the skills gap in the local economy.

art
  • 26 May 2023
  • Employment

Avoiding discrimination in flexible working requests

The right to request flexible working is currently available to employees with at least 26 weeks’ service and is set to be extended further under new Government reforms.

art
  • 25 May 2023
  • Corporate and M&A

Management Buyout – Top 5 things to consider

A management buyout is a financial transaction in which a member of the management team purchases the company from its registered owner. MBO’s usually occur in private companies in an effort to enhance profitability and simplify strategies.

art
  • 25 May 2023
  • Employment

Carer’s Leave Bill set to become law

On 19 May 2023, the Carer’s Leave Bill had its third reading in the House of Lords, and upon receiving Royal Assent, will become law. There is not yet a date for the implementation of this bill, however it is likely that this will happen relatively quickly upon receiving Royal Assent, so is definitely one to keep an eye on.

art
  • 18 May 2023
  • Immigration

Navigating SOC Codes

When it comes to UK immigration, understanding the intricacies of the system is vital. One significant aspect of the process revolves around Standard Occupational Classification (SOC) codes. SOC codes play a crucial role in determining the eligibility for an individual to apply for a work visa, assessing skill levels, and matching individuals to appropriate job roles.