The Times: Richer Sounds employees reap the benefits of ownership trust, says Mark Fielden
Julian Richer, owner of Richer Sounds, will pass control of his company to staff in an employee ownership trust. Richer has previously argued that a happy workforce leads to a more successful business and the £3.5 million he is giving to staff from his shares echoes this philosophy.
Tax partner at Kingston Smith, Mark Fielden, said: “The transfer of shares into an employee ownership trust means that, provided the conditions are met, any sums realised will be free of capital gains tax. Employees may also receive bonuses of up to £3,600 per tax year free from income tax.”
Mark’s comments appear in an article in The Times.