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Greta’s great takeover
KEY POINTS
- A small business is taken over with several elements to the consideration.
- Cash proceeds will result in an immediate chargeable gain.
- Under the share-for-share exchange rules the new assets have the cost of the old.
- Receipt of qualifying corporate bonds can result in a gain being deferred.
- The share-for-share exchange rules can be disapplied to benefit from entrepreneurs’ relief
I had been so looking forward to Friday a ‘work from home day’ which I had set aside to plan the capital gains tax course I was teaching the next week. I put the kettle on dropped the teabag into my mug and annoyingly found that I had run out of milk. So I popped down the road to my local grocer.
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