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Business relief-Individuals

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › Business relief-Individuals

  • This topic has 2 replies, 3 voices, and was last updated 7 years ago by Tax Tutor.
Viewing 3 posts - 1 through 3 (of 3 total)
  • Author
    Posts
  • May 19, 2018 at 9:02 am #452805
    priyashju30
    Member
    • Topics: 14
    • Replies: 13
    • ☆

    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 disposal

    My doubt is wasn’t she employed from 1/02/2017 so that makes 12 months upto 04/03/2018 ?

    May 19, 2018 at 6:50 pm #452875
    f6ali
    Member
    • Topics: 10
    • Replies: 342
    • ☆☆☆

    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.

    May 21, 2018 at 4:13 am #453060
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    As stated – at the time of her disposal of her shares in A Ltd on 15 October 2017 she had NOT been an employee of A Ltd for the required 12 months, so that no Entrepreneurs Relief will be available

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