Tax Assignment

Business Succession Planning

Project Overview

Our client was successful in building a profitable business and had decided to retire from the company. His son, who was also involved in the company, was to take over the business. Needing help from expert tax accountants, our client approached us seeking advice on the most tax-efficient options available to him to transfer the business to his son, while ensuring he had sufficient funds for retirement.
We met with our client and his son to get an understanding of their business, the structure of their operations, his goals for retirement and future income requirements. We reviewed the various tax reliefs available, the conditions for these reliefs, and whether our client satisfied the relevant conditions. We clearly and concisely outlined the options available to him and the tax implications for himself and his son.
The tax reliefs available for business succession include Capital Gains Tax Retirement Relief, Entrepreneur’s Relief, Capital Acquisitions Tax Business Relief, Agricultural Relief and Stamp Duty Consanguinity Relief. We assisted our client to claim the relevant relief, completed all necessary paperwork and tax returns required to implement the transfer. The business was transferred to the next generation in a tax-efficient manner.