Consider two people: Person A and Person B. Both are non-UK residents and both wish to dispose of a partnership interest in a business carried on in the UK in April 2010. Person A and Person B each make gifts of that interest to a company which is resident and incorporated in the UK and of which in each case they are the sole shareholder. Each seeks to utilise holdover relief on that transfer and plans subsequently to dispose of the shares in the company without liability to capital gains tax (CGT) arising on that step either. Person A is unmarried and has no children. Person B has family and it happens that his wife is also non-UK resident. This fact...
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Consider two people: Person A and Person B. Both are non-UK residents and both wish to dispose of a partnership interest in a business carried on in the UK in April 2010. Person A and Person B each make gifts of that interest to a company which is resident and incorporated in the UK and of which in each case they are the sole shareholder. Each seeks to utilise holdover relief on that transfer and plans subsequently to dispose of the shares in the company without liability to capital gains tax (CGT) arising on that step either. Person A is unmarried and has no children. Person B has family and it happens that his wife is also non-UK resident. This fact...
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