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Our clients are a private limited company (A Ltd) and its director/shareholders. During 2009/10 the company was taken over by another company.
Naturally legal fees were incurred relating to the sale of the individual shareholdings to the purchasing company and these fees were invoiced to and paid by A Ltd. We consider that these fees should be declared on forms P11D for 2009/10 as a benefit in kind.
Our question is whether once they have been assessed to tax on the individuals these legal fees can be included on the individual capital gains tax computations.
We are uncertain as to whether this would be allowable under TCGA 1992 s 38 and should be grateful for Taxation readers’ thoughts and advice here.
Query 17 580 – The Tax Doctor
Reply from Hodgy
The shares of a company A Ltd...
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