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Entrepreneurs’ relief
Our client’s company gave advice on the strategic development of clients’ businesses before he decided to retire. In July 2020 he instructed insolvency practitioners to liquidate his company and received £3m. The last invoice issued by the company was in April 2020. The final receipt from the liquidation was in October 2021.
In November 2021 our client was asked by a fellow patient in hospital to advise him on how to sell his business.
Our client will receive £200 000 for arranging this sale. He received a first payment of £12 000 in February 2022 and will receive £4 000 a month from April 2022. The sale is expected to take place between May and July 2022 when our client will receive the balance.
We are concerned that our client might be caught under the phoenixism rules as this new activity will take place...
