Family Tax Planning

Capital Tax planning for families, whether it is about the sale of a family business or its succession within the family, is an exercise which requires a multi-disciplinary approach, and can involve lawyers, accountants and valuers.

I have worked with families and family businesses over the last dozen years, in situations ranging from the sale of the business to a multinational company to the passing on down the generations of the family farm.

The golden rule is not to let the tax plan, however cunning, dictate the way things will work. You find out first of all what the family wants to do - sometimes the most difficult part of the process - and then look for the most effective way of achieving that end. You then need a plan which everybody involved can understand so that they will keep it going.

Part of the problem can be that the accountants understand capital gains tax, and the solicitors understand inheritance tax. I have gathered experience and expertise in Capital Gains Tax, Inheritance Tax and Trust work and can therefore offer comprehensive planning advice and guidance.

You may need someone to take an overview of the situation and even to talk it through with your clients as the neutral chairman of a family meeting. I have a varied experience of chairing meetings for all kinds of different bodies and can help families to arrive at decisions that they feel comfortable with.

If you have a client who needs planning advice I would usually offer a first meeting at no charge to analyse the situation and look for a way forward.