An SME in financial difficulty appoints a new CEO to help trun things around and invest himself and obtain new investors.
Within months of being appointed, the restructuring plan agreed with the bank is for a Newco to be set up which will acquire Oldco. Newco has new investors including the CEO as well as oldco investors with diluted shareholdings. Can the CEO obtain income tax relief on his investment in Newco or will he be regarded as connected with Newco as he is a director in oldco which is now a subsidiary of Newco ?
The CEO is effectively brought in as a business angel investor with the required experience to turn around the company.
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