ACCA/CAT

Dee had been an employee of Alphabet Ltd since 1 May 2003. She had held 3,000 shares since 20 June 2004.

删 Aloiˇs disposal qualified for entrepreneursˇ relief because she was a director of Alphabet Ltd, had a shareholding of 60% (60,000/100,000 x 100)， and these qualifying conditions were met for one year prior to the date of disposal.

删 Bonˇs disposal did not qualify for entrepreneursˇ relief because she only acquired her shareholding and became a director on 1 February 2012. The qualifying conditions were therefore not met for one year prior to the date of disposal.

删 Cherryˇs disposal did not qualify for entrepreneursˇ relief because she was not an officer or an employee of Alphabet Ltd.

删 Deeˇs disposal did not qualify for entrepreneursˇ relief because her shareholding of 3% (3,000/100,000 x 100) was less than the minimum required holding of 5%.

Example 7 On 25 January 2013 Michael sold a 30% shareholding in Green Ltd, an unquoted trading company. The disposal resulted in a chargeable gain of 800,000. Michael had owned the shares since 1 March 2006, and was an employee of the company from that date until the date of disposal.

He has taxable income of 8,000 for the tax year 201213.

Michaelˇs CGT liability for 201213 is as follows:

 Chargeable gain 800,000

Annual exempt amount

(10,600) _______

789,400 _______

Capital gains tax: 789,400 at 10%

78,940 _______

Although chargeable gains that qualify for entrepreneursˇ relief are always taxed at a rate of 10%, they must be taken into account when establishing which rate applies to other chargeable gains. Chargeable gains qualifying for entrepreneursˇ relief therefore reduce the amount of any unused basic rate tax band.

The annual exempt amount and any capital losses should be initially deducted from those chargeable gains that do not qualify for entrepreneursˇ relief. This approach will save CGT at either 18% or 28%, compared to just 10% if used against chargeable gains that do qualify for relief.

There are several ways of presenting computations involving such a mix of gains, but the simplest approach is to keep gains qualifying for entrepreneursˇ relief and other gains separate.

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