Agreement
A lot of what you're covering above will be included in the sale/purchase agreement so would suggest you speak to a commercial solicitor with the agreement and run through the specifics. Far too much in there to cover on a forum.
On the tax planning for the former MD, that's a matter for himself and his accountant, as such you'll not know if any violations have been committed. Recommend talking it through with the solicitors and see what can be done without making any assumptions.
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Reply to: Entrepreneurs tax relief when emigrating
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Previously on "Entrepreneurs tax relief when emigrating"
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Entrepreneurs tax relief when emigrating
Hello All, thanks for the add. My partner took over running of electrical company in 2012 here in uk . All done very quickly as the former owner/MD was emigrating to Australia & his MBO had failed at the last minute. Cut a long story short my partner agreed to become new MD which allowed former MD to continue with his retirement plans to Australia; gain his entrepreneurs tax relief at 10% on his millions. My partner also arranged sale of some of his properties as we recall in 2012 former MD had to cut all his ties with UK for taxation reasons for a period of 5 years ???
My partner has run the business since end of 2012 she has endured alot of turbulence but has run the business very profitably until this year. There is some deferred consideration still owed to former MD but there was no fixed agreement between the parties regarding repayments or any interest to pay. From the outset the former MD has continued to be involved with the company so much so he could be classed as acting as a shadow director. Former MD has experienced some marital trouble in Australia & we understand he is contemplating returning to UK as he is now bullying my partner out of the business of which she is majority shareholder. He has threatened to recall his loan if she doesn't cooperate with selling shares. He no longer replies to her emails but she is aware that former MD has been regularly contacting one of her senior engineers who she now has major performance concerns with!!
Whilst I am trying to support my partner in this difficult time we are unclear what taxation rules are in relation to the former MD whose uk accountant was main player in securing tax relief for retirement plan to Australia. There may not be any violations committed here but we are realising the former MD is not an honourable person whose conduct is very underhand indeed! Appreciate any advice & thanks for reading this post.Tags: None
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