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A partnership may be run alongside a company, sometimes as a means of mitigating National Insurance contributions. The chickens can, however, come home to roost with a vengeance on a sale of the shares in the company. The Revenue will often argue that the existence of the partnership means that the director is not a full-time working director of the company and that therefore retirement relief is not due.
A partnership may be run alongside a company sometimes as a means of mitigating National Insurance contributions. The chickens can however come home to roost with a vengeance on a sale of the shares in the company. The Revenue will often argue that the existence of the partnership means that the director is not a full-time working director of the company and that therefore retirement relief is not due. This is the situation that arose in Palmer v Maloney [1999] STC 890 of course where the relief was on the facts held to be due: but the facts will often be less favourable than they were in that case.
It is here that the rules on aggregating an 'earlier period' can be helpful. If the partnership business is terminated before the shares in the company are sold there will be a period (possibly...
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