CGT: Miscalculation in share ownership costs former Park Resorts director GBP200,000 in tax
The former commercial director of Park Resorts has lost his entitlement to entrepreneurs’ relief from capital gains tax (CGT), because the First-tier Tax Tribunal’s strict calculation of the company’s share capital left him with only 4.99 per cent of the total share instead of the required 5 per cent. The discrepancy – caused by the issue of some extra shares – forced now-retired Alan Castledine to pay nearly GBP200,000 in tax as without entrepreneurs’ relief he had to pay CGT at 28 per cent rather than 10 per cent.
Donnelly Neary & Donnelly offer a full range of legal services including Conveyancing Tax Commercial Criminal Family Law Divorce Wills Probate Immigration Notary Public from offices in Newry Castlewellan Dublin Portadown serving all of County Down Armagh and Belfast
For more information visit our offices or telephone 028 30264611
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John P Hagan Solicitors offer a full range of legal services including Conveyancing Tax Commercial Criminal Family Law Divorce Wills Probate Immigration Notary Public from offices in Portadown serving all of County Armagh and Belfast
For more information visit our offices or telephone 028 38333333
Our website is www.jphlaw.co.uk
Error costs £200k in tax
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The firm aims to give its clients the benefit of long experience, which is considerable bearing in mind the fact that all of the partners have been in practice in Northern Ireland for over twenty or more years.
