The following Trusts and Inheritance Tax guidance note by Tolley provides comprehensive and up to date tax information covering:
Succession planning can be described as the development of prudent and considered strategies to help protect a business from unnecessary deterioration. Such deterioration could arise from (possibly) unexpected future events, eg the owner-manager’s forced retirement or serious illness.
Clearly, owner-managers should have a mechanism in place for passing over the management or ownership of their company over time. For most owner-managers, transferring the running or ownership of their business is a difficult and emotionally charged affair. However, owner-managers who fail to plan for succession do so at their peril since, in a worst-case scenario, this could lead to a collapse of the business.
There are many reasons why owner-managers are reluctant to hand over control, which include:
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