Retirement Relief

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Carolibe

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Hi, I have a ltd company which will have been up and running for approx 15 years when I hope to retire (at approx 60yrs) Could someone explain how Retirement Relief works in practice. As long as I wind down the company, am I right in thinking that I can take up to 750K out as cash without paying tax on it ?
 
Carolibe said:
Hi, I have a ltd company which will have been up and running for approx 15 years when I hope to retire (at approx 60yrs) Could someone explain how Retirement Relief works in practice. As long as I wind down the company, am I right in thinking that I can take up to 750K out as cash without paying tax on it ?
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No, you are not right. Retirement relief is not immensely complex, but it has a lot of potential banana skins. You are very wise to plan ahead, but there is no substitute in this case for getting a review of your company and professional tax advice. I advise on these issues regularly, and there is no way I or any sensible adviser would give you specific advice on applying this relief to your situation without first taking a good dive under the hood. Please get professional advice.
 
Thank you both - it's my accountant rather than a financial advisor who has told me about the Retirement Relief piece - I will take a good read of that document and do further research. Appreciate your responses
 
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