UK Company buying back shares at > market value

A

arthur c.bernard-cribbins

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If I own 100% of the shares of a company, and they're a nominal value of £1 each, if the company were to buy back one of its own shares for £10k, theoretically the capital gain (ignoring indexation) is £9999, within the £12k annual allowance, and so I'd be liable for no tax. But is it legal for a close company to buy back shares in this way?
 
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