- Have you identified a suitable, qualified successor for your business?
- Are you ready to start taking a step back from the business?
- What is the value of the business and what is your share in the business
- What value do you want from the business?
- What value do you actually require from the business?
A typical situation is a family company where the majority shareholder is coming up to retirement age and has identified a successor for the business.
The most common value extraction strategy would be to
a) maximise the pension fund value prior to retirement and
b) obtain maximum CGT retirement relief exemption in respect of their shares.
c) obtain CAT Business Property Relief (e.g. a 90% reduction) for the beneficiary on the value of
the shares they are gifted.
In some cases this may not be enough e.g. the maximum pension fund may not be sufficient to pay all loan liabilities, in which case an alternative plan must be devised to maximise value extraction while minimising tax exposure.
In summary, there are multiple options available for various circumstances.
Your tax advisor can evaluate each of those options with you to come up with the most efficient solution for your particular needs.
What clients say?
I was delighted with the analysis completed on my pension. It gave me the opportunity to make positive decisions in my life. It opened up many possibilities that I never knew I had, in fact, possibilities I thought I didn’t have or would ever have. It’s certainly worth having a consultation with Richard and Paul […]read more
Billy S. // Retired Bank Manager
Buckley Kiely Wealth Management has been advising us on our financial affairs for a number of years and I wouldn’t hesitate to recommend them. I am delighted with the advice provided. Richard [Fowler] has a direct and uncomplicated manner when it comes to financial advice. He is always prompt in answering my questions and raising […]read more
I am forever grateful to Buckley Kiely Wealth, and to Richard Fowler, in particular, for taking such a personal interest in what happened to my investment with the bank and for fighting my corner with me all the way to the Ombudsman. I am delighted with the outcome not least because I really didn’t expect […]read more
When my mother fell ill and I was appointed as Power of Attorney over her finances, I needed an independent adviser to help decide where to invest her money to ensure that there is always sufficient finance to pay for her care. I met Richard Fowler of Buckley Kiely who gave me great advice on […]read more