Profit Extraction and Succession Planning in OMBs

This course will make delegates aware of:

• The advantages and drawbacks of the different ways of extracting profits from private companies, including the impact of
  • dividend tax rises in 2022; and
  • corporation tax rises in 2023
• The tax issues and problems associated with overdrawn directors’ loan accounts
• When capital distributions on a striking off or winding up may be taxed as income
• The practical problems when share buy-backs are used for profit extraction or succession planning
• The key CGT and inheritance tax (IHT) issues when passing on shares to family members, in particular
  • Protecting business asset disposal relief
  • Avoiding IHT charges
  • The problems with cash-rich companies
• The tax issues associated with hive-downs and demergers
• Clearances and other compliance issues
• Any relevant changes from Finance Bill 2023

Our trainer is a Chartered Accountant who qualified with PwC in 1988, spending his last 18 months there in the Corporation Tax department. In 1989 he joined a leading financial training company as a tax tutor. Since 1992, he has been self-employed as a Professional Tutor and Training Consultant, specialising in tax update courses for accountants, lawyers and investment managers.

Our trainer speaks at conferences of various professional bodies, including the CIOT, and writes regularly for Tax Insider.

This Profit Extraction and Succession Planning in OMBs course will consider the many and varied tax issues related to profit extraction and succession planning in OMBs. It will cover a range of taxes and will include recent changes in legislation, guidance from HMRC and key case law, as well as several numbers-based examples and short case studies.