My local CU is closing in the near future due to lack of business and is expecting to pay out an amount to each member equal to the sum of reserves deemed now unneccessary (eg Bad Debts, Statutory reserves etc) divided by the no. of members.
Given that these these reserves were taken out of 'surpluses' in previous years and would other have been paid as dividends and may have attracted DIRT, what would the position now be on receipt of the closure payment?
Given that these these reserves were taken out of 'surpluses' in previous years and would other have been paid as dividends and may have attracted DIRT, what would the position now be on receipt of the closure payment?