Do you have a Family Business that you would like to see passed on to future generations?
You may want to consider putting a share of the business into trust. You are able to transfer part of your business into trust that would be held by trustees. The trustees could be you and your spouse or other family member. The shares would be held for the benefit of your family but not you or your spouse.
The advantages of such an arrangement are that you would be able to take full advantage of Business Property Relief whilst protecting the assets for your future generations. By transferring a share you would be reducing your estate for inheritance tax thereby preserving your estate by preventing a crippling tax bill that may inevitably force the sale of part of the business in order to meet the tax liability.
Although a share would be transferred to the trustees, if you were a trustee you would still retain control of the business, the appointment of future trustees and the votes attached to trust shares.
If you believe this arrangement may be of benefit to your family business our experts in trust, tax and company matters will be able to guide you through this complex area.
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