Succession planning can mean many things to many different people, but for business owners it is particularly important to proactively look at passing assets to the next generation. |
There are a number of fundamental questions that need to be considered in the context of succession planning. What do you want in the future? Are your children capable of successfully managing your business or should you consider an external management team? Once you have answers to these questions, you can consider any taxation matters that arise.
There are a number of areas to focus on when considering succession planning, including pensions, business assets, wills, lifetime thresholds, transfer of business and additional reliefs and exemptions.
Mazars have published a succession planning brochure with further guidance on these issues.