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JGM
JGM, Solicitor
Category: Law
Satisfied Customers: 11669
Experience:  30 years as a practising solicitor.
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I got married in england but then moved to scotland now

Customer Question

Hi
I got married in england but then moved to scotland now divorced under scottish law. my husband had approx 18,000 shares in a company he and two others started of which he had to give me half of in my settlement.
As we divorced he was given 130,000 more shares and in dec 2014 the company sold for 26 million or there abouts….
I received my share which I will be taxed on. We had twin girls who will turn 7 tomorrow I opened a shop which gives me a meagre amount as it's just starting out and am not able to get a mortgage leaving mine and the girls future very unstable, my question is the money he received from his shares was in excess of £2 million classed as earnings?
thank you
Submitted: 2 years ago.
Category: Law
Expert:  JGM replied 2 years ago.
Thank you for your question.
If the company was sold, then the money he got for his shareholding would be treated as a sale of share capital and would not be treated as earned income. It would be treated as capital and as it was acquired post separation you would have no claim on it, I'm afraid.
Happy to discuss further.
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