Ken Moody describes a potentially unfamiliar and unexpected gift relief restriction in respect of company shares.
Most practitioners will be familiar with gift relief for business assets, but where company shares are concerned there could be an unexpected restriction.
Gift relief under TCGA 1992, s 165 is available for a disposal of:
- an asset or an interest in an asset used for the purposes of a trade, profession or vocation carried on by the transferor, by their ‘personal company’ or by a company within a group of which the holding company is their personal company.
- shares in a trading company or holding company of a trading group which are either unlisted or where the personal company test is met.
The ‘personal company;
