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TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15977
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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I have owned shares in a company for several years Where

Customer Question

I have owned shares in a company for several years Where i work but only recently voting shares , do I qualify for entrepreneurs relief if the company is sold
Submitted: 3 years ago.
Category: Tax
Expert:  TonyTax replied 3 years ago.

Take a look at pages 3 and 4 of HS275 here. Unless you satisfy the conditions set out there and will have done so for at least one year before the shares are sold, you won't qualify for entrepreneur's relief I'm afraid.

I hope this clarifies your situation but let me know if you have any further questions.

Customer: replied 3 years ago.
Thanks for your reply. Sorry for my delay. The shareholders agreement says all shares so A&B are valued the same , I held b shares for several years does this amend the answer
Expert:  TonyTax replied 3 years ago.

What the shares are called or what their value is in relation to one another really doesn't tell me anything I'm afraid.

See pages 3 and 4 under the heading "Disposal of shares in or securities of your personal company" here. They are the conditions you need to meet to qualify for entrepreneur's relief. It seems to me that the shares you own have only recently been made voting shares and that may be your problem if the company is to be sold imminently, ie less than a year after having been made voting shares. The company accountants will be able to tell you where you stand as they have access to all the facts.