ÀÏ˾»úÎçÒ¹¸£Àû

Lifetime succession planning for the family trading company


Produced by a Tolley Trusts and Inheritance Tax expert
Trusts and Inheritance Tax
Guidance
tag-icon Autumn Budget 2024

Lifetime succession planning for the family trading company


Produced by a Tolley Trusts and Inheritance Tax expert
Trusts and Inheritance Tax
Guidance
tag-icon Autumn Budget 2024
imgtext

This guidance note considers what the shareholder of the owner managed trading company should consider when planning for the future of the business. The options can be to do nothing and make a gift on death, to make a lifetime gift, a purchase of own shares or to sell the shares. These options are considered below along with the BPR consequences and pitfalls. The other taxes involved are considered briefly but this note focuses on the BPR effects for IHT.

Lifetime succession planning ― overview

Founders of successful trading companies are often reluctant to consider their retirement or the future of the business after their death. For many entrepreneurs, their identity is tied up in the business and they find it psychologically difficult to consider separating themselves from it. Some may have no children to pass the business to and others will have several children who are variously able / unable and suited / unsuited to continuing the trade; making the choice between them is either impossible or too

Access this article and thousands of others like it
free for 7 days with a trial of Tolley+™ Guidance.

TAKE A FREE TRIAL
Powered by
  • 01 Nov 2024 07:10

Home/ Tolley Tax Guidance/ Trusts and Inheritance Tax / Advising on BPR and APR

Popular Articles

Trusts and Inheritance Tax

Transfer of assets to beneficiaries ― legal, administration and tax issues

Transfer of assets to beneficiaries ― legal, administration and tax issuesThis guidance note outlines how assets are transferred to beneficiaries and the tax consequences that flow from the transfer. Whether a payment is income or capital is discussed in the Payments to trust beneficiaries guidance

14 Jul 2020 13:52 | Produced by Tolley Read more Read more
Value Added Tax

UK VAT invoice requirements

UK VAT invoice requirementsThis guidance note provides details of the information that must be shown on a valid tax invoice. Businesses supplying goods and services that are liable to the standard or reduced rate of VAT are required to issue a tax invoice to another VAT registered person.If the

14 Jul 2020 13:46 | Produced by Tolley Read more Read more
Corporation Tax

Terminal trading loss relief

Terminal trading loss reliefTerminal loss relief for trade losses in the final 12 monthsTrading losses incurred by a company in the final 12 months leading up to the discontinuance of trade may be carried back for up to three years from the period beginning immediately before that 12-month period.

14 Jul 2020 13:49 | Produced by Tolley Read more Read more