Explication des inconvénients des sociétés d'investissement familiales

Family Investment Companies (FICs) have grown in popularity as a way for high-net-worth families to manage and pass down wealth. They can provide flexibility, tax advantages, and long-term succession planning but they aren’t without drawbacks. Before setting one up, it’s important to understand the disadvantages of Family Investment Companies, from tax inefficiencies to high administrative costs. Double Taxation and Tax Inefficiencies The overwhelming main benefit of a FIC is the ability to pass down wealth and to help avoid large IHT bills. While FICs can offer tax advantages, that is not the case in all circumstances, in particular Corporation tax: If profits exceed £250,000 all the profit is taxed at 25%. Dividend tax: If profits are distributed to shareholders, they may face a second layer of tax on dividends. No access to personal allowances: Unlike individuals, FICs cannot use personal capital gains tax allowances or dividend allowances. Asset transfers: Moving property or shares into an FIC can trigger Capital Gains Tax (CGT) or Stamp Duty Land Tax (SDLT) at the point of transfer. This can make FICs less efficient for families looking to extract income regularly to support lifestyles, rather than reinvesting within the company. Not Always Suitable for Smaller Estates FICs tend to work best for families with significant wealth, often £500,000 to £1 million in investable assets at a minimum. For smaller estates, other structures like ISAs, pensions, or even trusts may be more cost-effective and straightforward. The conundrum here is that property investment is often a long term investment where the founding generation, normally parents, start off with one or two properties. The aim is to build a property portfolio that will give the parents, not necessarily income now, but in later life, as an additional source of income in retirement. The wish is to pass on the income-producing assets to children but not necessarily any of the increase in value which it is hoped the property portfolio will have increased by. So whilst many commentators state that it is not worthwhile for estates with less than £1m to set up a FIC, this mainly applies to families with an initial unencumbered investment fund of £1m+. For landlords who aspire to acquire a number of properties, they may wish to consider a FIC structure at the outset or within a few years of any substantial growth in value of the properties. Waiting until there is a £1m+ growth in value before implementing a FIC poses a challenge as to how that £1m of growth can be removed from the parents estate for IHT purposes. Limited Access to Tax Reliefs and Incentives Unlike some alternative structures, FICs do not always benefit from reliefs such as: Business Property Relief (BPR) — which can reduce inheritance tax on certain trading businesses. Enterprise Investment Schemes (EIS) or other venture reliefs. This can mean that families lose access to valuable reliefs when compared with other estate planning tools. A FIC should therefore not be the sole IHT planning undertaken by a family. Risk of Family Disputes Because FICs are company structures, they require clarity over voting rights, dividend entitlements, and control. If roles and responsibilities aren’t well-defined, disputes can arise between family members. This is particularly relevant in multi-generational families, where competing interests may create friction over investment decisions or dividend payments. Greater Visibility and Scrutiny Unlike trusts, which are private, Family Investment Companies must file accounts publicly at Companies House. This reduces privacy and can expose family wealth structures to greater scrutiny. As with any tax planning no one can say what HMRC may or may not do in the future. One of the reasons FIC’s have become increasingly popular is the changes that were made to the taxation of trusts which has lead to the use of Trusts becoming less favourable for tax planning than was the case previously. HMRC had a special unit looking into the use of FICs especially for estate planning. However, in 2021 they announced the unit had been disbanded following no evidence of non-compliance. FICs are now seen as “business as usual” by HMRC which is clearly good news. Nontheless, care is still needed when structuring a FIC as HMRC have indicated that there are still some structures that may be caught by existing antiavoidance rules. Difficulty Winding Up Unlike trusts, which have clearer expiry or end points, dissolving a Family Investment Company can be difficult. Winding up may involve selling assets, triggering tax charges, and navigating company law requirements. For families who may want a flexible or temporary planning tool, this can be a significant drawback. Key Disadvantages at a Glance Double taxation if profits are distributed. No access to personal CGT or dividend allowances. Asset transfers may trigger CGT or SDLT. Limited access to certain reliefs (e.g. BPR, EIS). Family disputes over control and decision-making. Reduced privacy due to Companies House filings. HMRC scrutiny for complex structures. Difficulties in winding up compared to trusts. Is a Family Investment Company Right for You? While Family Investment Companies can be powerful estate planning tools, they are not the right fit for everyone. It’s always advisable to seek tailored advice from a tax or estate planning specialist before setting up a Family Investment Company. Frequently Asked Questions Are Family Investment Companies worth it? FIC’s offer an alternative to other structures such as Trusts and can be an effective way to plan for IHT. Do FICs always save on tax? While they benefit from lower corporation tax rates, profits paid out as dividends can face double taxation. Can a Family Investment Company be wound up easily? Dissolving a FIC can be complicated and may trigger tax liabilities as you would be liquidating assets and distributing proceeds. Do FICs protect privacy? No. As limited companies, their accounts are publicly filed at Companies House, unlike trusts which remain private. However, if you do not have any requirement for any loans or mortgages you can use an unlimited company in which case privacy can be achieved.

Inconvénients des sociétés d'investissement familiales (FIC)

Pas toujours adapté aux petites propriétés

Accès limité aux allégements et incitations fiscales

Risque de conflits familiaux

Visibilité et contrôle accrus

Difficulté à remonter

Principaux inconvénients en bref

Une société d'investissement familiale est-elle faite pour vous ?

Foire aux questions

Les sociétés d'investissement familiales sont-elles intéressantes ?
Elles offrent une alternative à d'autres structures telles que les fiducies et peuvent constituer un moyen efficace de planifier les droits de succession.

Les FIC bénéficient-elles toujours d'économies d'impôt ?
Bien qu'elles profitent de taux d'imposition sur les sociétés plus bas, les bénéfices distribués sous forme de dividendes peuvent être soumis à une double imposition.

Une société d'investissement familiale peut-elle être dissoute facilement ?
La dissolution d'une telle société peut s'avérer complexe et entraîner des obligations fiscales, car elle implique la liquidation des actifs et la distribution du produit de la vente.

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