the non waiving shareholders are not spouses or minor children of those who do waive.
I appreciate that ss624 and 625 do not require the parties to be so connected, but it is exceedingly rare, if at all, that HMRC apply the provisions to others.
Willing to be shown to be wrong however. And perhaps HMRC will change their practice in future.
however, counteraction notices have been served to companies and the templates include reference to the CTA legislation. So is it not best practice to include both?
My answers
Because
the non waiving shareholders are not spouses or minor children of those who do waive.
I appreciate that ss624 and 625 do not require the parties to be so connected, but it is exceedingly rare, if at all, that HMRC apply the provisions to others.
Willing to be shown to be wrong however. And perhaps HMRC will change their practice in future.
Comments anyone?
It isn't
The point, if there is one, is that Dave's half million inheritance came partly via his mother in order to "avoid" tax.
No problem at all, perfectly legitimate, but if you have talked tough on tax avoidance, arguably hypocritical.
There is no room for morality in tax and Dave is finding that out.
Because
the settlement rules will not be applied and there is no prospect of it being regarded as disguised remuneration.
So no tax for HMRC.
Sure
I'm fairly sure that the CEG is within the scope of the PSA, but was less sure about whether the notional basic rate credit is still available.
Joint
Actually in joint names with spouse, so I've halved the anticipated CEG
Confirmed
Thanks Montrose, very helpful.
In the case I'm dealing with
In the one on my table, it seems to be that only s701 is needed. And your point about the templates is of course bang on. Thanks.
That is what another commentator said
however, counteraction notices have been served to companies and the templates include reference to the CTA legislation. So is it not best practice to include both?
UK
A UK resident company
The vendor company is run, but not controlled, by the primary beneficiaries of the trust. However, together with parents, they do have control.
Parents are the trustees holding 100% of acquiring co.