Buying a share of a company

[smartone]

Hi,
I have 50% share in a UK limited company.

My business partner who has the other 50% what to sell up and retire.

We have talked about me buying his share, but I do not have the cash to do this.

So, he has agreed I could pay him monthly over 3 year out of the company profits, slowly owning more of the company.

How is the best TAX way of doing this?

Thanks

[pawncob]

You can only pay him out of taxed income paid to you.