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Selling shares in small and medium-sized enterprises between now and 5 April 2008 raises considerable difficulties. LESLEY STALKER presents some planning possibilities
KEY POINTS
- Deferred consideration was often taken in the form of loan notes — this is less likely to be so beneficial.
- Cash may now be preferable as deferred consideration.
- Businesses which were sold before 9 October 2007 have some limited planning options.
- Earn-outs may benefit from Marren v Ingles treatment.
- Each case needs to be reviewed on its own merits.
After the drama of the Pre-Budget Report capital gains tax changes Kevin Slevin's article 'Life's a lottery Darling!' (see Related Links above) provided a very thorough overview of the likely impacts of the changes particularly on small and medium-sized businesses.
In his analysis Kevin considered the position of those owning shares in SMEs and the ways in which their entitlement to business asset taper relief and indexation...
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