CGT: Miscalculation in share ownership costs former Park Resorts director GBP200,000 in tax
The former commercial director of Park Resorts has lost his entitlement to entrepreneurs’ relief from capital gains tax (CGT), because the First-tier Tax Tribunal’s strict calculation of the company’s share capital left him with only 4.99 per cent of the total share instead of the required 5 per cent. The discrepancy – caused by the issue of some extra shares – forced now-retired Alan Castledine to pay nearly GBP200,000 in tax as without entrepreneurs’ relief he had to pay CGT at 28 per cent rather than 10 per cent.
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Error costs £200k in tax
