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Looking for a way out…?
Key points
- The coronavirus outbreak may prompt entrepreneurs to bring forward their retirement plans.
- Are there commercial reasons to pursue a winding-up?
- Distributions on a dissolution of more than £25 000 will be treated as income.
- Business asset disposal relief may apply if all conditions are satisfied for two years before cessation of trading.
- If a winding-up is for tax avoidance purposes the anti-phoenixism legislation may apply.
- Substantial cash balances in a company may not prejudice trading status.
- The tax advantages of family investment companies.
Many owner-managers have experienced a complete shut-down or significant downturn in their businesses as a result of the coronavirus pandemic. If they were already approaching or contemplating their intended retirement I have seen that the Covid-19 disruption ...
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