.png)
.png)
Divorce proceedings; Gain on letting; Pension liability; VAT or not to VAT?
Divorce proceedings
How to deal with proceeds of the sale of a rest home on divorce.
A client company traded for many years as a small rest home until it ceased in January 2015 and the residents were transferred. The accounts for the year to 31 March 2015 have been finalised and the balance sheet amounts to an asset (the home) of £100 000 and reserves of £100 000. The property is worth about £350 000 and the couple that ran the home and held the shares equally are divorcing. I would like to consider the liquidation of the company to release the proceeds from the sale of the home for distribution in the divorce settlement. My questions are as follows.
First would it be best to sell the home before the liquidation process starts? This is likely to create a tax liability on the gain of...
