Giorgio’s article was published in the FT Adviser, 15 December 2025, and can be seen here.
Giorgio Pizzetti, Associate in our Corporate and Commercial department, discusses how UK founders and entrepreneurs are already feeling the effects of the recent Budget.
The recent halving of capital gains tax relief for sales to Employee Ownership Trusts (EOTs) has sparked frustration and headlines suggesting the end of an era.
Introduced in 2014, EOTs were designed to encourage employee ownership, a model that protects culture, independence and long-term stability. While the reduction from 100% to 50% CGT relief is significant, Giorgio argues that it still offers a far better deal than most traditional exits.
The numbers have shifted, but the fundamentals haven’t. For founders who value continuity and culture, EOTs remain a compelling, government-backed route that balances financial sense with people-focused outcomes.
Read the full article on the FT Adviser website [subscription required].