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.
Paul joined Bermans in November 2024 and is a Partner in our Corporate team in Liverpool.
Paul graduated from the University of Leeds in 1991 with a BA (Hons) degree in Economics. He later completed a LLB and PG diploma at the College of Law in 2012.
Paul has worked with healthcare practitioners, dental practices, dental corporate bodies, pharmacies, and nurseries. He also has experience with businesses in construction, professional services, and technology.
Outside of work Paul enjoys travelling, climbing and spending time with his family and dog. He’s also a massive Liverpool FC fan.
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.
Charlotte qualified as a solicitor in 2006, and joined Bermans in March 2024 as a Partner in our Corporate team based in Manchester.
Her main areas of work focus on:
Corporate Transactions including the sale and purchase of businesses.
Drafting and negotiating contracts between business owners and between businesses and their investors such as Shareholders Agreements, Partnership Agreements and Joint Venture Agreements.
Corporate Restructures, for example share reclassifications, implementing holding company structures, buy-backs and capital reductions.
Charlotte quotes:
Quality client care is at the core of how I deliver my services. I aim to support clients by delivering a truly bespoke service. I get to know clients and their business and work with them to deliver an agreed plan. Legal knowledge and expertise isn’t the core of what I do, it’s the means by which I deliver the client’s goal.
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.
In the budget in March 2021, it was announced that Corporation Tax would be increased incrementally to 25%. After some uncertainty in the past year, as to whether this would proceed, the first increase took effect from 1 April 2023.
Laura joined Bermans in March 2023 and is a Partner in the Corporate team based in our Manchester office.
She obtained a degree in law at the University of Aberdeen and qualified as a solicitor in 2008. Laura has extensive corporate finance experience having worked previously in the corporate finance departments of two large Scottish law firms.
Laura’s most recent experience in-house in a head of legal transactions role means that she has experience of being in a client’s shoes and understands what a client is looking for from its legal advisors.
Laura specialises in mergers and acquisitions, private equity, reorganisations and general company law matters, with experience acting for companies, shareholders and private equity institutions.
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.