Succession planning is the preparation required to ensure that the management and assets of a business are transferred in such a way that the business remains as viable as it currently is whilst continuing to meet the needs of the retiring owner. 

Planning now will prevent your hard work being consumed in a difficult transition and potential litigation between family members in the future.

You might be faced with a variety of problems including:

• a desire to pass on the assets of a business to the next generation whilst retaining control;
• the need for orderly succession and motivation of the next generation;
• complexities surrounding the use of non-trading assets in the business;
• family tensions and the desire to provide for those members of the family who are not direct participators in the business; and
• non-family shareholders

Our team of experts regularly advise on these and many more issues and we can assist you in the preparation of a strategy suited to your individual needs and aspirations.

Understanding your business is essential to ensuring that you receive quality succession and tax planning advice. We will work seamlessly with your other professional advisors in order to provide you with “joined up” thinking on the issues you face. This approach will ensure that the professional advice given will safeguard family and business assets and will guide you through the complexities of succession planning between generations whilst mitigating any potential liability to inheritance tax, capital gains tax and stamp duty land tax.

Since your assets and your goals will vary in complexity and value over time it is important that your affairs are reviewed periodically. The team recognise this and we aim to listen rather than dictate and to build relationships with you and your family which can span the generation gap. By doing so we are able to assist you in adjusting your succession strategy to take into account the fiscal and family circumstances surrounding you at any particular time.

Working with you and your family we will advise you on:

• The preparation and implementation of a strategy that ensures a successful succession of your assets to the next generation;
• Putting in place wills that are appropriate and reflect your personal wishes, together with guidance on the needs of individual family members;
• The preservation of agricultural property relief and business property relief;
• The specialist issues surrounding non-domiciled clients and their assets;
• All aspects of trusts as a means to facilitate the succession process;
• Inheritance tax and capital gains tax mitigation strategies;
• Appropriate corporate and partnership structures to facilitate the introduction of younger family members into the business and ultimately their succession to it; and
• Preservation of all assets for future generations.

Our expertise in the above areas combined with a detailed knowledge of UK tax law enables us to suggest solutions tailored to fit you and your family’s particular needs.