GP Succession, Retirement and Partnership Agreements
How to plot a course, key in the route and arrive at your destination with your legacy intact.
A seminar designed to provide GPs considering retirement with a range of financial, legal, property and tax insights, practice advice and potential curve balls to consider and how to avoid them.
Each individual’s retirement plans will be unique, however, there are a range of common issues and potential bumps in the road that most GPs encounter as they approach retirement.
Join us for a short informal session that will provide you with the information and pointers you will need to begin planning – or the course adjustments you may need to make if you are already en route.
Date & Time:
Wednesday 23 October 2019 6.00pm-8.00pm
WJM Offices, 302 St Vincent Street Glasgow G2 5RZ >map
Registration, Finger Buffet and Refreshments
Finance, legal, property and tax talks
Accountants, legal and financial advisers from Wright, Johnston & Mackenzie LLP (WJM) and Martin Aitken & Co will share their experience and knowledge with you on how you can manage the transition effectively and tax efficiently.
Planning for and funding your retirement: NHS pension scheme, making use of the tax allowances (annual, lifetime and tapered) and reliefs you are entitled to and creating your financial plan.
Preparing to realise your capital: what are your realising, potential successors, what’s involved, how long could it take and surgery property conundrums.
Sustainability loans: the National Code of practice and preferred ownership models, sustainability loans – the rub and what’s involved in the application process.
Partnership agreements – why the agreement becomes more important as you reach retirement, property considerations, avoiding fall-outs and planning for incoming partners.
Anecdotes, hindsight and words of caution from those who have trodden the path before you.
Speakers and hosts
WJM speakers: Colin Millar, Stewart King and Michael Dewar.
MACO speakers: Ewen Dyer, Derek Hanlan and Scott Lawson.
Wright, Johnston & Mackenzie LLP (WJM) and Martin Aitken & Co (MACO) advise practices and individual GPs and consultants on all aspects of accounting, taxation, legal and finance. They have advised many retiring GPs on succession and retirement, as well as advising the incoming partners, to ensure a smooth transition.
Introduction and welcome. Colin Millar, WJM
Preparing to retire or realise your capital. Ewen Dyer, MACO, Derek Hanlan, MACO, Colin Millar, WJM
• What are you realising and who could be interested in buying into your practice– someone from inside practice or outside the practice, or hand the keys back to the NHS?
• What’s involved, how long could it take and what should you be aware before you start?
• What’s your capital balance?
• What about the property and the impact of the Code of Practice Premises?
• Demystifying succession and exit planning – it’s a business process like any other and it pays to be prepared (and have a back-up plan if things don’t work out).
• Tax and legal impacts potential future bills you may create: capital gains tax, inheritance tax and how to mitigate their impacts.
Planning for and funding your retirement. Scott Lawson, MAFS
• When can I afford to retire?
• NHS pensions – your entitlements and benefits.
• Allowances and reliefs – how will the reductions in both the Lifetime allowance and annual allowance, and tapered allowance impact you?
• Scheme pays & tax liabilities – what are your options?
• If you are realising your capital, what are your re-investment options? What’s best for you now and what’s best when it comes to passing on your estate to your beneficiaries.
Sustainability Loans. Stewart King & Michael Dewar, WJM
• National Code of Practice for GP Premises and Scottish Government’s preferred model for ownership
• Main advantages and disadvantages of sustainability loans
• Conditions of the standard form loan agreement
• The nitty gritty of getting the loans:
- The practice’s title to the premises – in whose name is it?
- Tidying up of titles where retired partners’ names remain on the title
- Old or new title and possible requirement to transfer to new register
- Existing secured loans and ranking agreements
- Certificate of title
Partnership agreements Colin Millar and Stewart King, WJM
• Why you need an up to date agreement.
• What should it cover? What is sometimes overlooked?
• What can be the future impacts of an out of date agreement – intentional and unintentional?
• How often should you revisit your partnership agreement and what are the key triggers and events that should prompt you to dust it down and revise it.
• Partnership agreements and the surgery property – good, bad and ugly anecdotes.
• Tips on how to avoiding disputes and dealing with potentially litigious situations during your tenure and on exit.
• Future proofing and dealing with possible dissolution and ‘distressed practice’ scenarios – how to avoid ‘last man/woman standing’.