Being bought out and tax

[captain jack]

Hi,

My father is considering retiring and at the same time his business partner is wanting to continue and therefore buy his share. It's not large amounts of money as its only a small business (the two of them in a workshop). The question is, what will his tax liabilities be on the value of his half of the business - and, are there any ways of reducing that tax liability? Obviously when it happens it will be dealt with in conjunction with their accountant but its just a case of information up front.

Thanks in advance!

[captain jack]

Thanks - that looks interesting, I'll send him that link!