Wrigleys Solicitors

Family businesses

Business property relief for inheritance tax, combined with holdover and taper reliefs for capital gains tax, can mean that the capital tax burden on the family business is as low now as it has ever been. It is not certain how long this benign climate will continue, and many planning opportunities exist to protect the future. Typical problem areas still include:

• the wish of management to pass on wealth but keep control


• the need for orderly succession and motivation of younger family members


• complications when non-trading assets are included in the business


• threats to family assets from third party claims, and matrimonial problems


• other family tensions and the need to provide for non-participators in the business

Frequently settlements, of shares or insurance policies in particular, provide the best way forward; and modifications of business structures can often produce radically different tax consequences.

Main contacts

• Matthew Wrigley
• Julia Boyes
• Lynne Bradey
• Ann Duchart
• Peter Greswold