Following a query raised by the CIOT HMRC has confirmed that entrepreneurs' relief will be available where the 12-month ownership requirement includes the holding period of the original shares where there has been a share-for-share exchange. HMRC states that 'in principle … assuming there is no election under [TCGA 1992] s 169Q and on the understanding that at all times both the “original” and “new” holdings are in shares in companies which would qualify as the individual's personal trading companies by whom they were employed then you may look through the exchange (to which [TCGA 1992] s 127 applies) to ascertain whether the one year holding period of section 169I(6) has been complied with.'
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Following a query raised by the CIOT HMRC has confirmed that entrepreneurs' relief will be available where the 12-month ownership requirement includes the holding period of the original shares where there has been a share-for-share exchange. HMRC states that 'in principle … assuming there is no election under [TCGA 1992] s 169Q and on the understanding that at all times both the “original” and “new” holdings are in shares in companies which would qualify as the individual's personal trading companies by whom they were employed then you may look through the exchange (to which [TCGA 1992] s 127 applies) to ascertain whether the one year holding period of section 169I(6) has been complied with.'
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