Part with the family firm

January 2005
Cabinet Maker;1/14/2005, Issue 5421, p16
Trade Publication
The article presents some tips for managing a family-owned business. Sooner or later the owners of most businesses want to retire. And despite the despair of their parents, it is common for sons or daughters not to have any interest in running the business. So how do owner-managers maximise the return on the business they own and settle down to a well-earned retirement? The good news is that the maximum rate of tax on the profit from the sale of a business is unlikely to exceed 10%. This is an extremely benign rate of tax and is unlikely to get much better. Any property used by the business that is sold at the time of the overall disposal will also attract the 10% rate to that profit as well.


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