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Benefits of incorporation when succession planning
KEY POINTS
- Meeting the trading status conditions.
- Availability of entrepreneurs’ relief.
- Dealing with the gains that are not held over.
- Likelihood of qualifying for business property relief.
Recently I was asked to advise on the succession planning of a trading company that had traded from the same business premises for several decades. Mum and Dad who owned all of the share capital in the company wished to withdraw from the running of the business and at the same time hand over control to their son Junior.
Over time the company had diversified and as a result not all of the business premises were used for the purposes of the company’s trade; surplus space was let to unconnected third parties.
It was recognised...
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