Share buy-back

Finchy01
Finchy01 New MemberRegistered Posts: 11
Hi All,

I am after some advice on how to deal with 'Share buy-backs' as I have not come across this issue before.
Ltd Co with 2 x£1 ordinary shares and 2 directors. 1 director has resigned and left the country to live in Turkey and the Ltd Co is paying a nominal amount to him each week for the purchase of his 1 share.
What are the tax implications of doing this? Is there any documentation required?

Any expert advice is greatly appreciated!!

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