A Picture of Larry Phillips - Senior Partner

Crucially, succession must be an objective decision. Yet taking an impartial view of your children’s capabilities and drive won’t be easy. At the same time, you mustn’t encourage someone to take over without the vision to ensure your business thrives under their leadership. And you mustn’t assume that all of your sons and daughters will want ownership. Whatever your succession strategy, the need to start the process early can’t be overstated. It takes time to groom the next generation, or to find external appointees who are right for your business

When succession is a challenge

A Picture of Graeme Blair - Partner

A practical consequence of an exit will be cessation of access to the parent-subsidiary directive and the interest and royalties directives. These directives are designed to allow for flow of funds between member states without withholding taxes. After March 2019 the terms of the tax treaty between the UK and the relevant counter party will govern the extent that withholding taxes will apply.

How might Brexit impact UK businesses?

A Picture of Cetin Suleyman - Managing Partner

The right approach will depend on the nature of your business, the details of the site you’re acquiring, and your plans for its development. Demand for commercial sites is high, and you’ll need to move fast to snap them up. But you must take time to consult a technical expert on the VAT implications first. Somebody who not only understands the rules, but can interpret what they mean for your business.

Commercial to residential: the VAT minefield