Eamonn Daly Archive

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.

Inheritance Tax (“IHT”) Reliefs

There are certain assets which, when transferred, may be subject to tax relief thus reducing the amount of IHT payable, even reducing it to zero. The two most common reliefs are business property relief (“BPR”) and agricultural property relief (“APR”) and are available both for lifetime gifts and on death.

Business protection wills

If you own business assets or are unsure of the best way to leave your assets it is possible to retain flexibility for your spouse/partner or your children to administer your estate in the most tax efficient manner according to the circumstances at the date of your death. Business protection wills are flexible and potentially the most tax efficient form of will.
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