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The tax issues arising to a shareholder on a possible flotation are discussed in the CGT planning for shareholders guidance note.

In addition to considering the tax issues for a shareholder, it may be necessary to do some planning for the business to be floated, including:

1. •

   ensuring that all assets necessary to the running of the business are owed by the company, including intellectual property assets (it is not always clear who actually owns these, particularly where the company has grown over a long time) and real estate

2. •

   separating out assets or trade which are not necessary for the business that is to be floated

3. •

   incorporation of the business, where it is not already in a company

This planning should be done as early as possible, to minimise any associated tax costs.