For an entrepreneur, it is very important to start thinking about succession well before he is likely to want to quit his business. There are favourable income tax schemes for business succession or inherited business assets. For example, for gift and inheritance tax, there is an exemption for the acquisition of business assets of over €1,000,000. However, a number of conditions have to be met.
In some cases, these exemptions and facilities can also be used if the children do not actually continue the business. However, it is very important to set this up well in advance.
For more information on business transfer and making use of the business succession facilities, please contact us. We will be happy to advise you.
pkooijman@kooijmanautar.nl
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