terminally ill client wants to retire and gift his shares to existing shareholder for the continuance of the company
I have a terminaly ill client who is a 50% shareholder in a company together with 1 other shareholder who owns the remaining 50% of the shares.
In order to secure the future of the company and because of his failing health, he wants to retire and gift his shares to the other shareholder and to become a consultant to the Company for whatever time remains to ensure a smooth transition for the existing clients of the company to a time when me client will no longer be with us and his colleague will be running the company on his own.
Can anybody see any problems with business assets gift relief being claimed on the gift of shares or with my client becoming a consultant for his remaining time to assist with the transition of the company to the full control of the other shareholder.
Obviously a difficult time and would appreciate any advice.
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