C
T
S
C
T
S
CTS

Succession Planning

CTS is your one-stop shop for succession planning, having advised and implemented hundreds of asset exchanges in recent years. We serve all sectors including retail, construction, agribusiness, nursing homes, property development, pharmacies, accommodation etc.

We manage all aspects of the succession process including the execution of company secretarial paperwork where required. We also liaise closely with our clients’ accountants and solicitors to ensure compliance with accounting and legal requirements. The focus is on ensuring the availability of reliefs and minimising tax leakage of the asset transfer.

CTS IN ACTION - Case Study

01

Background

A married couple who were directors of an SME were considering retirement but had underfunded their pensions.

Their two sons were actively involved in the business but there was no plan in place to determine succession of the business.

02

CTS Actions

  • Met with all relevant parties and reviewed all background facts and information including the balance sheet of the company.
  • Prepared a proposal whereby the parents would transfer the business to the children tax efficiently.
  • Prepared the company secretarial paperwork and implemented the proposal in conjunction with the client’s solicitor.
  • Assisted the client’s accountant in follow-up matters and ensured that the transaction was appropriately reflected in the client’s accounts and tax returns.

03

Outcome

The Business was transferred to the next generation in a tax efficient manner while also yielding a tax-free lump sum to the parents for their retirement.

Subscribe to our newsletter