Hi
Last year my girlfriend joined me to became a director of our company and is now contracting herself and drawing salary/dividends.
Do I need to complete Form 42 showing a transfer of a £1 notional share, or would the fact it was a transfer between a domestic partnership mean I could use that family/domestic/household exemption.
(ie can I claim the transfer was part of normal domestic relationships in that we decided to go into business together, or would the fact she then started contracting under the company mean it would be viewed as employment related). If the share transfer happened before taking any salary would that make a difference?
Also will there be any tax implications if the share was only valued at £1. (ie there are now 2 shares in the company each of £1)
Thanks for your help!
Cheers,
Ian
Last year my girlfriend joined me to became a director of our company and is now contracting herself and drawing salary/dividends.
Do I need to complete Form 42 showing a transfer of a £1 notional share, or would the fact it was a transfer between a domestic partnership mean I could use that family/domestic/household exemption.
(ie can I claim the transfer was part of normal domestic relationships in that we decided to go into business together, or would the fact she then started contracting under the company mean it would be viewed as employment related). If the share transfer happened before taking any salary would that make a difference?
Also will there be any tax implications if the share was only valued at £1. (ie there are now 2 shares in the company each of £1)
Thanks for your help!
Cheers,
Ian
Comment