- 05 April 2022
- Corporate and M&A
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.
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.
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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.
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