Private wealth

Personal tax planning on a business sale

If you have worked hard all your life to build a business, it is entirely reasonable to want to ensure that you and your family keep your hard-earned gains when you eventually sell. Fortunately, with some pre-planning it is possible to minimise the amount of tax you pay on the gain by taking advantage of existing – and entirely legal – tax reliefs.

Tax reliefs: use, abuse, and simplification

Taxes are one of life’s few certainties as, increasingly, are arguments over whether the system has become too complex for its own good, belying one of its simple objectives “to help or encourage particular types of individuals, activities or products for economic or social objectives”.

Why make a trust?

Trusts are tax efficient and afford flexibility to a person who wishes to pass assets to certain people during their lifetime or upon their death.

Taxation of trusts

Other than for some limited exceptions, if you transfer an asset into a trust during your lifetime, it will be immediately subject to IHT at 20% to the extent that the value of the asset being transferred (when added to any similar transfers made in the previous seven years) is more than £325,000 (the nil-rate band).
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