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On 15october,2017 Altd , an unquoted trading company , was taken over by XYZ .
Bon has been the sales director of Altd since 1/02/2017 , although she had been shareholder since 1/03/2016 .she accepted xyz share alternative of one 1euro ordinary share for each of her 25000 ,1euro ordinary share in Altd. Bon had purchased for shareholding on 1/03/2016 for 92,200 on 4/03/2018 she gifted her share to her brother .
Q: Is Bon entitled for Entrepreneur’s relief on her disposal of shares in Altd ?
Ans as per BPP Kit : NO because she is not in employment in Altd for 12 months prior to disposalMy doubt is wasn’t she employed from 1/02/2017 so that makes 12 months upto 04/03/2018 ?
Because she was the director of Alphabet Ltd, not XYZ plc. The disposal relates to shares of Alphabet Ltd, which took place on 15 Oct 2017, 8 months after she became director.
Hope that answers your question.
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