Nick Wright, FCA, CTA

Head of Corporate Tax, Jerroms Miller Specialist Tax

Nick Wright, FCA, CTA, is a Director and Head of Corporate Tax at Jerroms Miller Specialist Tax, an award winning firm of tax advisers providing support to accountants, tax advisers, solicitors and their clients.

Nick specialises in complex corporate tax matters, including:

• Transactions tax and company reconstructions

• Succession planning including Employee Ownership Trusts and Management Buyouts

• Venture Capital tax reliefs, in particular EIS and SEIS

• Employment Related Securities and employee share schemes

Nick is a regular contributor to various tax journals including Taxation magazine, Tax Journal, Tax Adviser, Tax Insider and ICAEW Taxline, sharing his expertise with the broader professional community. Nick is also contributing author of Tolley Tax Planning, Finance Act Handbook, Miller, Hardy and Ismail on Company Reorganisations, and the British Tax Review publications.

Presenting regular lectures to fellow professionals through various CPD providers, including 2020 Innovation, MBL, CPDStore and a variety of CIOT and ICAEW branches.

Nick is host of “The Tax Hour”, a podcast dedicated to sharing expert tax advice from the industry’s leading specialists.

Contributed to

1

Sale of a company out of an employee ownership trust

Practice Notes

This Practice Note examines some of the key tax and practical considerations that arise when a company owned by an employee ownership trust (EOT) is sold out of the EOT. These issues include the need for the trustees to consider whether the sale is in the best interests of beneficiaries, taking account of any capital gains tax (CGT) for which the trustees may be liable and any debts owed to the parties from whom the EOT originally acquired the company, potential difficulties in identifying and tracing all of the EOT beneficiaries who may be entitled to the surplus sale proceeds, and the operation of PAYE and NICs in respect of distributions to those beneficiaries.

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