My client has operated her landscape gardening business through a company for over 30 years. She is now 65 years old and considering retirement. She has agreed to sell the business to a local competitor who wishes to buy the business out of the company as he does not want to buy the company with all of its commercial history. Our original plan had been for that sale to be made for the company to put aside sufficient cash to pay the corporation tax bill arising from the final period of trading and the disposal of the business and to liquidate the company distributing the proceeds to our client in due course. Our assumption had then been that the client would only pay capital gains tax at 10% under the entrepreneurs’ relief rules. However we have...
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My client has operated her landscape gardening business through a company for over 30 years. She is now 65 years old and considering retirement. She has agreed to sell the business to a local competitor who wishes to buy the business out of the company as he does not want to buy the company with all of its commercial history. Our original plan had been for that sale to be made for the company to put aside sufficient cash to pay the corporation tax bill arising from the final period of trading and the disposal of the business and to liquidate the company distributing the proceeds to our client in due course. Our assumption had then been that the client would only pay capital gains tax at 10% under the entrepreneurs’ relief rules. However we have...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
