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Winding down
I wonder if readers can help me with the following points to enable me to give advice to my clients. My clients are a trading company and its directors and shareholders. The plan is that the company will cease to trade and be wound up.
The company owns the property from which its business is carried on and it is proposed that this property will be sold to the shareholders at its market value.
The funds in the company will then be distributed to the shareholders in proportion to the shareholdings and I understand that the gain on the shares will be eligible for entrepreneurs’ relief.
My concern is whether the fact that the property is to be sold to connected persons is a problem and would mean that the relief is restricted or not available.
On a secondary point industrial buildings allowances were claimed on...
