The newest edition of this title provides a comprehensive guide to just about every aspect of the tax system which is likely to affect a family company, its shareholders and employees.

Peter Rayney is to be congratulated for ensuring that the book is up-to-date for the 2007 Pre-Budget Report announcements on CGT changes and on income splitting. The main themes covered are: company structures; how to extract funds; financing and expanding the company; acquisitions and re-organisations; selling the company; winding up and disincorporation; succession planning. But this does not give the full flavour of the material that Peter has managed to include. There are also, for example, very useful sections on benefits in kind, share schemes, pensions, valuations, capital allowances, managed service companies - making this a very useful reference work even if you aren't looking at the 'core' planning topics'.

The text is very readable, not least because the author's personality comes through strongly, as does his practical experience. There are plenty of examples, diagrams and useful summaries, and each chapter ends with a checklist of planning points. I would have no hesitation in recommending this book.

Reviewed by Jane Moore
Taxline, January 2008