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Lump Sum arrangements
hornedhelmet
Posts: 2 Newbie
in Cutting tax
I have joined a small "family run" business with a contract to get it ready for sale in 2 years,deal is 14% of sale price.How can i minimise my tax on the proceeds of the sale? Should i set up another company to pay the sale funds into or what?
thanks for taking the time to read the post,its my 1st one,but i have been a regular subscriber to the web site for years
thanks for taking the time to read the post,its my 1st one,but i have been a regular subscriber to the web site for years
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Not sure if this is correct or not (I'm sure I'll get shot down in flames if not), but can you not "buy" 14% of the current shares in the company. Then when they are sold in two years, you have 14% of the proceeds. Or even have a new class of share issued.
You would then have a capital gain, but that should be eligible for business asset taper relief which would reduce the gain by 75%, leaving 25% chargeable. You then have your annaul allowance over and above that.Today is the first day of the rest of your life0
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