On a share-for-share exchange (including one that qualifies for a CGT relief) an employment income tax charge can arise which would not only be unwelcome for shareholders (as they will not receive any cash for their shares out of which they can fund the income tax liability) but also for the target company if such tax (along with employer and employee NIC) is payable through the PAYE system.
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On a share-for-share exchange (including one that qualifies for a CGT relief) an employment income tax charge can arise which would not only be unwelcome for shareholders (as they will not receive any cash for their shares out of which they can fund the income tax liability) but also for the target company if such tax (along with employer and employee NIC) is payable through the PAYE system.
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes: