Tax assignment: Business Succession Planning

Our Work: We met with 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.

Outcome: 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.


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