Agriculture and Estates Partner Stephanie Dennis recently acted for a client in relation to the transfer of a quarry site worth £9m to a special purpose vehicle – a subsidiary created by a parent company to isolate risk – to help with estate planning.
Stephanie prepared the necessary transfer documents, advised on tax implications and brought in a colleague from the firm’s Corporate team to ensure that the company’s articles of association suited the purpose for which the company was set up.
With Stephanie’s help, the quarry site is now in the special purpose vehicle, and has been passed on to the next generation. Due to the structure of the special purpose vehicle, only a limited amount of tax was paid by the client, making it an efficient way to transfer the asset on to the next generation.
Following the conclusion of the matter, Stephanie said: “Estate planning is vital for clients with significant assets like this – being able to pass on the same to the future generation can become complicated, so I’m glad my client was able to use the special purpose vehicle in this instance.”