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2025 Update: Economic Crime and Corporate Transparency Act 2023

Paul Rabbette

As we step into 2025, the Economic Crime and Corporate Transparency Act 2023 brings several crucial updates aimed at enhancing corporate transparency, protecting personal information, and combating economic crime. These changes are set to impact businesses across the UK significantly. Here, we explore the key updates and their implications. 

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Employee Ownership Trusts – a win-win path to succession

Robin Hastings

The utilisation of Employee Ownership Trusts (EOTs) as a way of exiting a business has grown massively in recent times. This is partly due to the considerable tax benefits it can propose for a selling shareholder, but also because of the long-term advantages it can create for the business subject to the sale.

This article summarises EOTs typical structures and highlights some of its key advantages– for both the selling shareholders and the company being sold.

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The Economic Crime and Corporate Transparency Act 2023

Faizan Nayyar

Faizan Nayyar

The government has recently introduced new laws aimed at tackling corruption, money laundering and fraud involving corporate entities.  The Economic Crime and Corporate Transparency Act 2023 (the Act) received royal assent on 26 October 2023, and aims to reform the way in which economic crime is tackled and to improve the transparency over corporate organisations.

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Bermans is proud to be supporting Bruntwood SciTech’s ‘Manchester’s Female Founders Incubator programme

Bermans is proud to be supporting Bruntwood SciTech’s ‘Manchester’s Female Founders Incubator programme’.

Who are Bruntwood SciTech?

Bruntwood SciTech is the UK’s leading developer of innovation districts, creating the specialist environments and innovation ecosystems for science and technology businesses to form, scale and grow.

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Share buy-backs – what you need to know

The last month has seen two prominent North West brands, Pets at Home and Franchise Brands, announcing share buy-back programmes (see references below).

There are many benefits in undertaking this activity, including returning value to shareholders or providing an exit route. We do urge caution as, whilst the law and procedure for carrying out a share buyback is quite clear and straightforward, we have dealt with a number of instances where the validity of a share buyback has been questioned and further action required to be taken in order to rectify or ratify the validity of a buyback transaction.

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Place-Based Impact Investment – an opportunity for SMEs and OMBs?

Becky Tsang

In May 2021, the white paper, ‘Scaling Up Institutional Investment For Place-Based Impact’ (the “White Paper”) was published by The Good Economy, Impact Investing Institution and Pensions for Purpose. The White Paper outlined how a ‘place-based’ approach of investing (as already favoured by public and social investors), could be extended to institutional investors who currently invest in mainstream global capital markets. The focus of the research was on investments made by Local Government Pension Schemes (“LGPS”), which have assets with a combined value of £326 million, and how the funds could be used to develop explicit place-based strategies while creating positive financial returns.

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New restrictions to company purchase of own shares

Becky Tsang

In February 2022, the Chartered Institute of Taxation (“CIT”) received clarification from HMRC in relation to their position on legislation relating to a company’s purchase of its own shares under section 1033 of the Corporation Tax Act 2010 (“CTA 2010”). In particular, HMRC have outlined their interpretation of the word ‘possesses’ in section 1062(2) CTA 2010 in instances where the purchase has multiple completion dates.

 

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