Jennifer Adams considers some tax planning strategies for the retirement of a business owner.
Geoffrey Chaucer is credited with the proverb “All good things must come to an end”; so it is with the ownership of any business.
A tax-efficient disposal method depends on the type of business and whether continuation or cessation is planned. Should no family member be willing or able to take over the reins, the business must be disposed of in another way. The most straightforward and final method is to retire and close the business. However, the business owner may be lucky and find another business wanting to merge or take over.
Sole trader or partnership share
Apart from submitting final tax returns and paying the tax bills, on the disposal of a sole trader business or partnership share, capital gains tax (CGT) may be payable on the sale of any(
