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On 31 October 2008 my client sold his 75 000 ordinary shares in a company. He was one of three director/shareholders all of whom worked full time for the company.
The acquirer of the shares was a new company owned by one of the fellow directors and this company also bought out the third director/shareholder.
The proceeds received by our client for the sale were in the form of 825 000 £1 redeemable preference shares which were redeemable over a four-year period.
We did not act at the time of the disposal but our client was advised by the solicitor acting for the acquirer to make a claim under TCGA 1992 s 169Q to disapply the provisions of TCGA 1992 s 127 so that entrepreneurs’ relief could be claimed. Tax of around £80 000 was accordingly paid.
To date only 100 000...
