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Small Business Tax Planning: All you need to know from start-up to retirement by Russell Cockburn

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10. Passing on the Business – Successions

Introduction

As you approach the latter stages of your business career, instead of selling your business on the open market as discussed in the last chapter you may decide to pass some or all of the business on to younger members of your family, or to key employees or managers.

The occasion of passing your business over to the next generation is a time for tax planning and consideration of potential tax liabilities. The main problem created by the legislation here is that your family members are regarded as connected persons, which means that transactions between you and other family members are initially regarded as taking place at market values for tax purposes. This can mean that there are potential ...

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