Recommendation for Book on Family Companies

Clients are looking at passing on their company's to their children, any recommended reading?

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I have many family companies coming to a stage where they are looking at winding down, some want to pass on to their family members, others employees. Can anyone recomend any tax books especially for family companies.

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By Kaylee100
26th Jul 2022 14:13

Their circumstances will be SO specific they need tailored advice rather than reading.

The problem with our tax laws is they change so fast - the legislation changes regularly but also how it is interpreted through case law, and cases are being decided all of the time. So, no book is going to be able to advise them exactly.

Then they will have choices, and wishes and deadlines will exist depending on their choices. All of these will impact the final decision they make and the time frame.

There will be compromises to make and they will need to decide personally where they wish to draw the lines.

I would suggest that it is advice they need rather than reading because any reading they do maybe out of date or they may misinterpret it.

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Replying to Kaylee100:
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By Cleggy1
26th Jul 2022 14:22

Sorry, the book is for me to read so that I don't fall in to any tax traps. The advice will be given by me depending on their circumstances and needs.

Once in a meeting, after a few questions, their initial requirements can soon change and I just would like to be the best prepared for whatever they actually really do want.

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paddle steamer
By DJKL
26th Jul 2022 14:21

Tolleys used to do I think a two volume tax planning for family companies publication, I used it in the 90s, this could be its successor from Lexis which might be useful (have never bought it- £170, ouch)

https://www.lexisnexis.co.uk/store/products/tolleys-tax-planning-for-own...

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By SteveHa
26th Jul 2022 14:50

MBL have a series of short webinars (around 30 minutes each, and just under 6 hours total) on company reconstructions generally that you may want to watch (they are recorded, and so on demand rather than at a pre-defined time)

Overview is at https://www.mblseminars.com/outline/13557

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By The Dullard
26th Jul 2022 16:31

I don't know who publishes the book nowadays, but the author is Peter Rayney.

https://www.bloomsburyprofessional.com/uk/rayneys-tax-planning-for-famil...

It's 1p more than the Tolley's book, but Peter wrote the original Tolley's book, which now seems to have been taken over by three unknowns.

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Replying to The Dullard:
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By mariannajane
27th Jul 2022 11:47

This webinar may also be helpful:
https://vimeo.com/727361252
(Peter Rayney - tax strategies for owner manager businesses in 2022/2023 - webinar for The Tax Recruitment Company)

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By Tax Dragon
26th Jul 2022 17:19

My recommendation: having read all the books, but before you do any tax 'planning' for any particular client, have a discussion with that client in which tax is not mentioned - ie find out what, in a tax-free world, they would want to happen. (Your intro implies you've been doing this to some extent already - that's good service, IMHO.)

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By kenny achampong
26th Jul 2022 17:38

Employee Owned Trusts seem ridiculously generous if you ask me.

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