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QCB transactions; Children and concerns; Remittance dilemma; LLP with company
QCB transactions
The tax liabilities on the purchase and resale of qualifying corporate bonds.
My client previously owned the majority of the shares in a trading company. Some years ago that company was sold in exchange for cash as well as shares and qualifying corporate bonds (QCBs) issued by a new holding company (H).
This left our client with a minority of the shares and a relatively small proportion of the total QCBs issued. Some key employees acquired a small number of shares and loan notes in H. Since the sale the company has not performed as well as the purchasers had hoped.
The client was recently given the opportunity to buy back all of the shares and almost all of the QCBs held by the majority owner of H. Because he could not afford the full purchase price he sought and found private individuals...
