Hello and welcome to the site. Thank you for your question.Based on scenario presented , the short answer is no...If the allocation of shares are in lieu of fee that would be otherwise payable for work done prior to incorporation and also once incorporated. then the value of shares would be the deemed income that would be chargeable to income tax I'm afraid.
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Thought that was the case - could I then get the company to credit my directors loan account for a sum equal to the value of the assets provided and not draw that money from the company, as it would be unable to pay it in the short term. then allocate the shares unpaid - with the intention of using the directors loan account to pay the shares at a later date, thereby deferring the personal tax liability?
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