JANUARY 2009

Succession: Tax On Transferring Assets

Michael Jones, Cummings Flavel McCormack

Family trusts are a popular way of holding business assets and investment, but what are the tax implications of passing the assets on to the next generation? Michael Jones, of Cummings Flavel McCormack, explains that a change in the law means the practice of "cloning" trusts to deal with the divergent interests of the next generation is no longer available. New ways need to be developed.