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I act for a small engineering business (L Ltd) run by two friends (R & J) as directors/shareholders since 1980. They also jointly own two buildings; one is and has been occupied (rent free) by L Ltd since they acquired it. The other was acquired in 1991 and is occupied, initially rent free, by G Ltd, a company they jointly owned until September 2004, when it was sold. J wants to retire in August 2006 and R has made an offer of cash and his share in the building let to G Ltd in return for J's shares in L Ltd and his share of the building that it occupies.
I act for a small engineering business (L Ltd) run by two friends (R & J) as directors/shareholders since 1980. They also jointly own two buildings; one is and has been occupied (rent free) by L Ltd since they acquired it. The other was acquired in 1991 and is occupied initially rent free by G Ltd a company they jointly owned until September 2004 when it was sold. J wants to retire in August 2006 and R has made an offer of cash and his share in the building let to G Ltd in return for J's shares in L Ltd and his share of the building that it occupies.
I have suggested that they split the transaction in two; dealing with the property transfers before 5 April 2006 and the share purchase in August 2006. This will utilise two years' capital gains tax annual exemptions.
I understand...
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