Jack and Tom hold shares in a company 50/50. They have fell out and so need to go their seperate ways, Jack owes the company £1m due to drawings he has taken. Tom is going to buy Jack out, but in considerationn for his shares has suggested waiving the debt Jack owes to the company. Can Jack still get capital treatment on the amount of the loan written off as this is deemed to be money's worth consideration for the shares. Or can anyone tell me if there any other tax implications?