Family Investment Companies
Tax Planning and Compliance
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Clear, in-depth commentary on how a family investment company (FIC) can preserve wealth, reduce tax liabilities and enable a smooth transfer of assets to subsequent generations.
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About this work
This practical guide enables tax advisers to identify when a family investment company (FIC) may be an appropriate structure for clients, and fully explains the tax implications, advantages and disadvantages of using a FIC. This book is suitable for those establishing a new FIC or coming across an existing one. It explains not only how a FIC might be taxed but also how modifications to a FIC may determine its tax treatment.
The book follows the lifecycle of the FIC and addresses the key tax considerations at each stage of its evolution – from formation, through operation to succession. It also considers where a FIC may be vulnerable to challenge by HMRC and how to address those concerns before there is an enquiry.
A comprehensive and rounded book on every possible aspect of a FIC! I like the Claritax format. – Nick Hopkin, Director, Hopkin Smart Consulting Ltd
Table of contents
- General information
- Introduction and first principles
- Non-tax fundamentals
- Setting up a FIC
- Funding the FIC [expanded by way of example]
- Introduction
- Subscribing for shares
- Gift of assets [expanded by way of example]
- Type of assets gifted
- CGT considerations
- IHT considerations
- SDLT considerations
- VAT considerations
- Sale of assets
- Making loans to a FIC – introduction
- Making loans to a FIC
- Operating the FIC
- Extracting funds from the FIC
- Working for the FIC – employment-related securities
- Inheritance tax planning and the FIC
- Tax avoidance
- The different uses of FICs
- Offshore FICs
- Final observations
