Good afternoon,
When a member of an LLP sells his/her share to a third party, does the gain qualify for ER even if the share in the LLP is below 5%? I think there is no minimal share requirement as long as he/she has held an interest in the business for at least 12 months.
Could someone kindly confirm?
Thanks!
Replies (3)
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Gov.uk advice states
Either of the following must also apply for at least one year before you sell your shares:
you have at least 5% of shares and voting rights in the company - if they’re not EMI shares
you were given the option to buy them at least one year before you’re selling them - if they’re EMI shares
Oh good grief. They're not shares in a company.
It is a "share" in an LLP, and the 5% is then only relevant to associated disposals.
Engage brain before regurgitating 5h1t off the internet.
Ha Ha - I was going to respond to the OP but felt pretty sure that someone would respond as above. I wasn't disappointed.