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Voting rights
Key points
- The personal company definition includes a voting rights requirement.
- Only rights relating to ordinary shares are included.
- Statutory fictions relating to deemed ownership may not include voting rights.
- A deed of variation will backdate ownership but not voting rights.
- Company records can assist in ascertaining facts.
When advising an individual that they can claim business asset disposal relief on a share disposal it must be possible to demonstrate that those shares were held in their ‘personal company’ (as defined in TCGA 1992 s 169S). Further since 6 April 2019 the qualifying conditions for the relief – still referred to by many as entrepreneurs’ relief – must be satisfied throughout the two-year (previously one-year) period ending in most instances on the date of the share disposal.
It is well known that to be their personal company the claimant must have held at least...
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