CGT on business assets

CGT on business assets

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A client of mine has a large portfolio of shares in the company he worked for as a director. He was made redundant recently and I am unsure whether he still qualifies for business taper relief or should I adjust the percentages to the non-business ones on the whole portfolio or just on any new shares he acquires or recevies as dividend after he left their employment.
Claire Smith

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By User deleted
23rd Jul 2007 09:23

Don't give too much away, will you ?
I would be surprised if the greatest tax experts around gave a categoric reply to a question of this nature which , for shorthand and lack of facts, deserves some sort of prize. I would really like to help, Claire, but you are going to have to come a great deal more clean.
1. What is a "portfolio" when applied to a shareholding in one company only ?
2. Are we looking at ordinary shares and when acquired?
3. Percentage of issued share capital held ?
4. Has this always been a trading company ?
5. Full-time director throughout period of ownership ?
6. Company quoted or unquoted (including AIM) ?
I would say now that the taper rules do, in the main, follow the general CGT "identification" ones: e.g. bonus issues are deemed to have been acquired at the date of the original holding but "stock' dividends are classed as new purchases .

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