The taxpayer was not entitled to entrepreneurs’ relief on a disposal of his trading company shares as he was not an officer or employee throughout the period of one year ending with the date of disposal.
The appellant was a director who owned 3,000 out of 10,000 shares in a trading company, and was employed under a contract of employment. Following a dispute with the other director shareholders, it was agreed that the appellant would leave the business.
At a general meeting of the company on 29 May 2009, it was resolved that the company would purchase 2,700 shares from the appellant. On the same day, the appellant signed a compromise agreement for the termination of his employment, and the company purchase of shares agreement. All Companies House papers concerning the appellant’s resignation as a director were also signed on that day. However, those documents stated that the effective date of his resignation as a
