Tax and Succession Planning By Chas Roy-Chowdhury

2. Opening title slide. Highlight and overwrite dummy title. Restrict yourself to a maximum of 3 lines. This text is set to align at the bottom. Do not change the fonts or sizes used. Tax and Succession Planning By Chas Roy-Chowdhury

3. Single quote slide Highlight and overwrite dummy text with your quote and quote source. Only change the quote font size if required. If you require more of any slide, go to the ‘Slide Sorter View’, click on the required slide and hit ‘Control D’, this can be repeated to create as many duplicates as required. “Tax kills businesses.”

4. Highlight and overwrite dummy text with your titles and texts. Restrict yourself to a maximum of 6 points per slide. If you require more points on a specific topic use as many following slides as necessary. Do not change the fonts or sizes used in the blanks. If you require more of any slide, go to the ‘Slide Sorter View’, click on the required slide and hit ‘Control D’, this can be repeated to create as many duplicates as required. Succession Planning • Scope of the presentation • General comment on succession planning • Which types of businesses do plan and why • Look at general European landscape for tax and business asset transfers • UK tax rules as a case study

5. Highlight and overwrite dummy text with your titles and texts. Restrict yourself to a maximum of 6 points per slide. If you require more points on a specific topic use as many following slides as necessary. Do not change the fonts or sizes used in the blanks. If you require more of any slide, go to the ‘Slide Sorter View’, click on the required slide and hit ‘Control D’, this can be repeated to create as many duplicates as required. The Succession Plan Having an actual succession plan pivotal - otherwise nothing happens - business may die with owner Non-tax considerations critical - accountants should provide a one stop shop and depth of experience ACCA research study published 2005 - in-depth interviews with accountants - they had inside knowledge of business - they could also advise from a technical perspective

6. Highlight and overwrite dummy text with your titles and texts. Restrict yourself to a maximum of 6 points per slide. If you require more points on a specific topic use as many following slides as necessary. Do not change the fonts or sizes used in the blanks. If you require more of any slide, go to the ‘Slide Sorter View’, click on the required slide and hit ‘Control D’, this can be repeated to create as many duplicates as required. Succession Planning ACCA report shows state of mind of proprietor determines whether business continues. - Is the business the individual - or a business Where individual then life style based. Hobby, extension of self and no succession planned or likely Where business is “a business” then succession planning likely.

7. Highlight and overwrite dummy text with your titles and texts. Restrict yourself to a maximum of 6 points per slide. If you require more points on a specific topic use as many following slides as necessary. Do not change the fonts or sizes used in the blanks. If you require more of any slide, go to the ‘Slide Sorter View’, click on the required slide and hit ‘Control D’, this can be repeated to create as many duplicates as required. The Succession Planning The business without a succession plan is one waiting to fail Many of the intricacies the process already considered Important to realise the plan does not just happen requires pro activity from entrepreneur May mean thinking the unthinkable and bringing in an outsider to run the business

8. Highlight and overwrite dummy text with your titles and texts. Restrict yourself to a maximum of 6 points per slide. If you require more points on a specific topic use as many following slides as necessary. Do not change the fonts or sizes used in the blanks. If you require more of any slide, go to the ‘Slide Sorter View’, click on the required slide and hit ‘Control D’, this can be repeated to create as many duplicates as required. The Succession Planning Tax Survey of tax regimes in Europe by FEE 5 years ago: Most countries required some tax to be paid for transfer of business UK was only one with little or no tax payable on transfers Rates of tax varies from 0% to over 50% 5 years ago Present position in Europe is somewhat different Most countries have now adopted UK style tax law especially for SMEs

9. Highlight and overwrite dummy text with your titles and texts. Restrict yourself to a maximum of 6 points per slide. If you require more points on a specific topic use as many following slides as necessary. Do not change the fonts or sizes used in the blanks. If you require more of any slide, go to the ‘Slide Sorter View’, click on the required slide and hit ‘Control D’, this can be repeated to create as many duplicates as required. The Succession Plan Point 3 Point 4 Point 5 Point 6

10. Highlight and overwrite dummy text with your titles and texts. Restrict yourself to a maximum of 6 points per slide. If you require more points on a specific topic use as many following slides as necessary. Do not change the fonts or sizes used in the blanks. If you require more of any slide, go to the ‘Slide Sorter View’, click on the required slide and hit ‘Control D’, this can be repeated to create as many duplicates as required. Succession Planning Taking tax examples from the UK No tax for the following: i) A sole trader business or share of a partnership ii) Any unquoted securities or such securities together with assets which give control of a business The UK relief for these assets are known as Business Property Relief (BPR)

11. Highlight and overwrite dummy text with your titles and texts. Restrict yourself to a maximum of 6 points per slide. If you require more points on a specific topic use as many following slides as necessary. Do not change the fonts or sizes used in the blanks. If you require more of any slide, go to the ‘Slide Sorter View’, click on the required slide and hit ‘Control D’, this can be repeated to create as many duplicates as required. Succession Planning The relief is designed to help and safeguard the ongoing viability of small businesses and partnerships No capital gains payable No VAT No Inheritance Tax – this is the main death tax The 100% relief is available whether the transfer is to a complete stranger or ones own children. Some EU states restrict relief to only children – does not help succession planning.

12. Highlight and overwrite dummy text with your titles and texts. Restrict yourself to a maximum of 6 points per slide. If you require more points on a specific topic use as many following slides as necessary. Do not change the fonts or sizes used in the blanks. If you require more of any slide, go to the ‘Slide Sorter View’, click on the required slide and hit ‘Control D’, this can be repeated to create as many duplicates as required. Succession Planning Agricultural Property Relief (APR) Separate yet similar reliefs available for agricultural property Includes farm land and buildings Relief 100% available for transfers to children or others who totally unrelated Any part of estate on which APR not available BPR is. Hence APR/BPR interaction where necessary to produce 100% relief

13. Highlight and overwrite dummy text with your titles and texts. Restrict yourself to a maximum of 6 points per slide. If you require more points on a specific topic use as many following slides as necessary. Do not change the fonts or sizes used in the blanks. If you require more of any slide, go to the ‘Slide Sorter View’, click on the required slide and hit ‘Control D’, this can be repeated to create as many duplicates as required. Succession Planning SMEs must have certainty and clarity on tax costs The overall problem of any tax costs in some countries is anti-SME anti-Employment anti-Lisbon Agenda

14. Highlight and overwrite dummy text with your titles and texts. Restrict yourself to a maximum of 6 points per slide. If you require more points on a specific topic use as many following slides as necessary. Do not change the fonts or sizes used in the blanks. If you require more of any slide, go to the ‘Slide Sorter View’, click on the required slide and hit ‘Control D’, this can be repeated to create as many duplicates as required. The Succession Plan Point 3 Point 4 Point 5 Point 6

15. Closing slide, can be a repeat of the opening slide or a ‘thank you’ as here. This text is set to align at the bottom. Do not change the fonts or sizes used. Thank you