Entrepreneurs’ relief: was the vendor an employee?
In Susan Corbett v HMRC (TC03435 – 25 March 2014) the taxpayer successfully appealed against HMRC’s decision to deny entrepreneurs’ relief in respect of CGT on a disposal of shares in a company.
Mrs Corbett had been an employee of the company as secretary to her husband who was the director. During the negotiations for the sale of the company it became clear that the purchaser was not comfortable with the employment of spouses and so Mr Corbett removed his wife from the payroll. She continued her duties until the sale and Mr Corbett increased his own salary by the equivalent of his wife’s salary. She ceased working for the company following the sale.
Under TCGA 1992 s 169I entrepreneurs’ relief on the disposal of shares is only available if the vendor is an officer or employee of the...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
Entrepreneurs’ relief: was the vendor an employee?
In Susan Corbett v HMRC (TC03435 – 25 March 2014) the taxpayer successfully appealed against HMRC’s decision to deny entrepreneurs’ relief in respect of CGT on a disposal of shares in a company.
Mrs Corbett had been an employee of the company as secretary to her husband who was the director. During the negotiations for the sale of the company it became clear that the purchaser was not comfortable with the employment of spouses and so Mr Corbett removed his wife from the payroll. She continued her duties until the sale and Mr Corbett increased his own salary by the equivalent of his wife’s salary. She ceased working for the company following the sale.
Under TCGA 1992 s 169I entrepreneurs’ relief on the disposal of shares is only available if the vendor is an officer or employee of the...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
