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Closing a company down will be a transaction which is commercially driven but can have significant tax implications. The closure of the company may be because it can no longer continue to trade or it may be that the company is successful but the owners are going to retire from running the business and want to realise the profits and assets in the company.

An alternative to closing a successful company could be to sell the trade and assets out of the company and then set up a family investment company (FIC) which manages the proceeds realised from the sale or assets already held by the company. This allows the current owners to pass the value of the business down to future generations but also provides them with an income stream. For more details, see the Family investment company (FIC) guidance note.

Note that if any usual payments