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Do you want to work with your current shareholders families?

We work with many business owners who want to pass on their business to family members in the most tax efficient way. At this stage in the business, having multiple Directors & Shareholders will start to create problems. Especially if any die or become ill, as without proper planning the heirs to the estate of a deceased shareholder may come to the surviving Directors and request payment for their shares.

    • Other aspects of business exist planning should include Hold Over Relief, so no capital gains are paid immediately.
    • Maintaining business property relief so any Inheritance Tax is mitigated on shares and strategies put in place if reliefs are not fully available.
    • Cross option agreements ought to be in place to allow orderly exchange of shareholdings, backed by life insurance contacts to provide funds for share purchases.
    • If any Directors or key to the functioning of the business (this is usual for Sales Directors), the business can instigate insurance to cover both death and critical illness should the key director suffer either. A £100,000 on the balance sheet to fund recruitment or potently cover any short term drop in profits can save a business from ruin.

What should you consider?

  • What would happen to any shareholdings held if the shareholder died?
  • Who have your shareholders willed their shareholdings too?
  • Do the Shareholders have business wills in place?
  • How would the business handle this?
  • Is there legal documentation in place that could force a sale (or purchase) of shares without losing business property relief?
  • Has the business got control of its shareholders?
  • Who is key to the business and if they died or couldn’t work for an extended period of time would it affect profitably?

If you’re struggling to answer any of these questions, then we can help you put together a plan and provide solutions to ensure the death of any shareholder or keyperson will not disrupt you business.

The Next Step?

If you’d like an informal chat please call Richard Bishop on 01384 635457 or email: hello@premierpractice.co.uk

To arrange an informal meeting at our cost to explore your requirements, please email: richard@premierpractice.co.uk