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Buying Back Company Shares from Spouse

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  • 19-08-2009 1:08pm
    #1
    gerryphoto
    Registered Users Posts: 7 ✭


    Hi very new here and would appreciate some help, my wife and i have built up a business over 20 years making an average living and always keeping everything above board, when we set up the company originally the plan was after a number of years to take cash out and pay 20 cgt when we applied for revenue approval they took so long to come back to us the tax has now changed to 25% i think, however they have now refused this transaction on the basis that we are married and therefore the shares would technically be still owned by both of us and now want us to pay full tax ie 40 odd %, We feel in the current climate raped by the revenue and being treated very unfairly.

    So I wouild like to know if there is a way that The company can buy back my wifes shares in a more tax efficient way legally. Would a divorce be the answer ? I know it sounds drastic but we will do whatever necessary to complete this transaction.

    Any help would be greatly appreciated.
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    #2
    Kipperhell
    Closed Accounts Posts: 1,477 ✭✭✭Kipperhell


    Sorry just realised what you are doing and commented incorrectly.

    I guess it depends on what type of trader you are and what type of business. I can see why the tax office would see it that way for most businesses.


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