I helped this third generation family owned business through some succession challenges and delivered a structure that enabled the successful exit of one half of the family.

I advised the owners on extracting profits tax efficiently over a number of years by utilising all available allowances within the family. This included maximising pension contributions, which enabled the family to acquire property and accumulate wealth outside of the business in a highly tax efficient manner.

Inheritance tax is often not considered by family and owner managed businesses but is critical to protect the hard earned wealth. By planning over many years we have been able to minimise the family’s exposure and protect value for future generations.

As with most family businesses, the topic of succession planning for the next generation will come around quickly and I will be helping them prepare for how best to achieve this tax efficiently and respecting the family dynamics.