Nowadays the family business has to be taken into account in a divorce settlement.
If it contains assets that can be readily split, say separate businesses or properties, it’s possible for the divorcing couple to get what they want without having to pay any tax until they eventually dispose of their interest. This can save tens, even hundreds of thousands of pounds at a time when money is needed most.
Here’s how it works….
s110 on a divorce
But you do need a licensed insolvency practitioner to put the business through a solvent liquidation. I can help there because I hold such a licence.
You know it makes sense!