How many hours does an officer or employee have to work to qualify for the relief?
There are no rules about the working hours of officers and employees. The condition is only that the individual is an officer or employee of the company throughout the one year qualifying period. However in order to qualify for relief all the qualifying conditions have to be met. 14) If in July 2008 I exchange my shareholding in my trading company for shares or loan notes of another company and any gains will be deferred or rolled over, will I qualify for entrepreneurs’ relief when the shares or loan notes are sold or redeemed? Entrepreneurs’ relief will be available (provided the conditions for relief are satisfied) but the way it will be given depends upon whether the loan notes are qualifying corporate bonds (QCBs) or not. If the exchange is for shares of the other company, or for loan notes that are not QCBs, entrepreneurs’ relief will be available only if you choose for the gain to be chargeable to CGT for the tax year in which the exchange of shares for loan notes takes place. So
Related Questions
- As I will qualify with the Institute of Chartered Accountants of Scotland (ICAS), does this mean I must work in Scotland to be recognised as a chartered accountant in the future?
- Does the employee have to work a certain number of hours, or be full-time status to qualify?
- How many hours does an officer or employee have to work to qualify for the relief?
