Re: wind up a solvent Limited company (no creditors) that has property & cash, to mys
Yes, I realise I will need tax advice , but am looking for some initial info.
I thought I heard somewhere that I may be caught twice for either Stamp duty or CGT
i.e.
1.
if I liquidate the comapny, is there an 'assumed' sale to me here personally of the Property and I pay CGT on this transfer, and possibly Stamp duty
2. When I distribute the assets to myself,there is another transfer to myself of the 'Value' of the company, which now includes the Property ?
Also, this building was purchased c 5 years ago, If the value has now in fact gone down , whcih seems to be happening all over the place, can I offset the loss in the value of the property now against the CGT on the transfer of the retained Cash in the company
say details as follows:
Cash in Company: 300,000
Property : 150,000 (Purchased at 250,000)
Assets of company: