Company purchase of own shares

[Silvaphoenix]

Hi,
I would appreciate some advice on the following.
To make way for a younger management team I am retiring and planning to sell my shares back to the company out of undistributed profits. Is there anything in the tax laws to prevent two contracts of sale being established one in this financial year, the other in next year in order to maximise capital gains tax allowance?
Thanks in advance
Silvaphoenix

[pawncob]

One of the conditions applicable is that the sale must be for the commercial benefit of the company. Splitting the sale obviously isn't for the company's benefit, so HMRC will challenge it.

[Silvaphoenix]

This is as I thought would be the case pawncob so thanks for the advice.
My wife has some shares for the company to buy back but it would be advantageous if this were treated as an income distribution as higher rate tax would not be due whereas the sum would be greater than than CGT allowance. I would propose to apply for advance clearance under S.225 ICTA 1988 for my shares but not my wife's. Anything wrong with this?
Thanks in advance