Family Investment Companies - 2nd edition

Deborah Clark

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Paperback

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English

Bloomsbury Professional
30 May 2024

Taxation; Personal tax

Covers the key issues to consider when exploring if a Family Investment Company is an appropriate vehicle to help with an individuals estate planning.

An updated version of the Tax Insight on

Family Investment Companies published in 2019. Written by an acknowledged expert in this field, Deborah Clark of Mills and Reeve, this publication explores what makes a company a FIC, considers how a company works and the potential ways to make them more bespoke.

A Family Investment Company (FIC) is a bespoke vehicle which can be used as an alternative to a family trust. It is a private company whose shareholders are family members. A FIC enables parents to retain control over assets whilst accumulating wealth in a tax efficient manner and facilitating future succession planning.

The commentary covers issues on how to fund the structure, what tax issues to watch out for, what rights you might give to the shares and the pros and cons of different choices. It deals with directors’ powers, the use of an unlimited company and issues around privacy and wealth protection. Different structures are explained and their benefits and disadvantages highlighted.

The commentary is bought up to to date with the new corporation tax rates and dividend tax rates

introduced since the previous edition was published. It also reflects the author's continued practical experience in dealing with clients in this area.

New features include:

- a new chapter on Estate Planning Benefits

- a new chapter on Treatment on Divorce

- enhanced coverage

of redeemable preference shares in the chapter on share capital

- an expanded shareholders agreement chapter to include more information on what should be included in the agreement

- a new chapter on share valuations

- a new chapter on accounts preparation for Family Investment Companies

The guidance given is supplemented by examples and diagrams to helpfully illustrate the concepts described.

By: Deborah Clark
Imprint: Bloomsbury Professional
Country of Publication: United Kingdom
Edition: 2nd edition
Dimensions: Height: 297mm, Width: 210mm,
Weight: 600g
ISBN: 9781526524690
ISBN 10: 1526524694
Pages: 88
Publication Date: 30 May 2024
Audience: Professional and scholarly , Undergraduate
Format: Paperback
Publisher's Status: Forthcoming

Preface 1. Introduction 2. Articles of Association 3. Directors 4. Share capital 5. Share Valuations 6. Share Transfers 7 Shareholders Agreement 8. Governance 9. Employees 10. Taxation 11. Dividends – general 12. Dividends – shareholder position 13. Dividends: Settlements legislation 14. Funding a FIC 15. FIC or Discretionary settlement? 16. Other tax issues 17. Estate Planning Benefits 18. Use of Trusts 19. Treatment on Divorce 20. Unlimited Companies and Privacy 21. Winding up a FIC 22. Example structures 23. Accounts

Deborah Clark is a Partner at Mills & Reeve LLP, Solicitors. She specialises in private client work, advising clients on all aspects of estate planning and wealth protection. Deborah is recognised as being an expert on FICs, having been advising on the design and use of them for estate planning purposes for over a decade. Deborah is recognised as a ranked individual in Chambers & Partners. She regularly lectures on the use and design of FICs and is a Barrister, Chartered Tax Adviser and TEP.