The accountant and the tax lawyer on the transfer of shares

Assorted international currency notes.
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The transfer of shares in a going concern, is usually also the forte of the lawyer and not just the tax lawyer.

Ordinarily, stamp duties come to the fore when transferring shares. However, it would be prudent to have a consultation on capital gains tax arising from the transaction, with a tax lawyer.

The failure to calculate in advance, possible capital gains tax arising from the transfer of shares/interest from Heritage Oil to Tullow Oil, left Minister Hilary Onek (please refer to my previous article titled: Heritage Oil, this oil is hot!)with a thorn of a possible 400 million US dollars capital gains tax loss in his side. Any prudent business man embarking on a new venture (in this case Oil exploration) would have consulted on all possible taxes due and arising on the transfer, before handing out any tax waivers or signing any contracts.


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