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Replies to Queries - 4

22 May 2002
Issue: 3858 / Categories: Forum & Feedback , IR35
Company hitches

Where a business operated by the husband has been transferred to a limited company and shares are allotted directly to husband and wife does this constitute a settlement and if so why is it not covered by the exemption in section 660A(6) Taxes Act 1988?

If the shares are allotted to a girlfriend who later becomes his wife does this constitute a settlement and does the exclusion in section 660A(3)(a) Taxes Act 1988 apply at all times or only up to the date of marriage?

As regards goodwill in the case of a trader offering personal services the goodwill is personal to him and it is difficult to see how this could be transferred to a company. If the director resigns and transfers his shares the company will not have the benefit of his personal goodwill ...

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