Inheritance Tax

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Family Business Succession and <strong>Inheritance</strong> <strong>Tax</strong> in three minutes! " For entrepreneurs and family businesses time is precious and fleeting. Thoughts of mortality are rarely front of mind unless prompted by a health shock. But you will already be very aware that protecting the longevity of your wealth creation is important and ensuring a lasting legacy takes proper planning. Failing to plan can lead to unintended tax consequences and long term problems for those left behind. We hope to prompt a discussion with a KPMG specialist who can help bring clarity and objectivity to these challenging and sensitive issues. © 2016 KPMG LLP, a UK limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 1 Document Classification: KPMG Confidential
Have a considered plan ‘90% of family businesses have no proper succession plan’ ‘62% would consider selling because of anticipated problems’ No entrepreneur would give up control of their own business easily and nor would they wish to give their children too much control too soon. There may be delicate concerns over particular family members and fears of divorces or second marriages. But for any smooth transition, careful planning and subsequent monitoring and review is needed. For every significant family asset the questions should be asked ‘who owns it, what is its purpose, who benefits from it, and who makes the decisions?’ Similarly, for the business – which family members own it, who drives it, who are the other stakeholders, who does it provide for? …And will it attract inheritance tax? © 2016 KPMG LLP, a UK limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 2 Document Classification: KPMG Confidential
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Inheritance Tax

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