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Form 42 - management companies

Form 42 - management companies

I prepare accounts for a number of flat management companies. Form 42 is required when a share is issued to a director. However, is form 42 required if an existing shareholder becomes a director during the year - i.e. he acquired the share in an earlier year.

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21st Jun 2005 14:48

flat management accounts
is there not a split issue here/ with flat managent accounts coming under Trust accounts/ the company is normally just for holding the deeds/

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20th Jun 2005 13:00

No provided that...
The reporting obligation exists where the individual acquires shares where the opportunity to acquire them was made available by reason of the employment or future employment.

As long as the shares were acquired before there was any prospect of employment/directorship this would not seem to be a reportable event.

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