Myself and my business partner each own 25% of the shares in our trading company, alongside a corporate entity who owns the remaining 50% (all shares held in these proportions for circa 10 years). We have reached an agreement for the company to buy back the shares from the corporate entity using cash in the business (I understand the company will pay 0.5% SDLT on the purchase price). My understanding is that this will extinguish the shares held by the corporate entity.
My question is - after this transaction, should we then sell the whole of the business would we be eligible for Entrepreneurs Relief (on the basis that all other conditions have been met) or would we have to wait 24 months to be eligible?
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