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A Limited has been a trading company for 20 years. It has an issued share capital of £100,000 with substantial revenue reserves from past trading profits. These profits have, in the main, been used to finance loans which it received to acquire its own freehold property from which it trades.
A Limited has been a trading company for 20 years. It has an issued share capital of £100 000 with substantial revenue reserves from past trading profits. These profits have in the main been used to finance loans which it received to acquire its own freehold property from which it trades.
The trade of the company is no longer viable and the freehold property is to be sold at which time trade will cease. Up to the date of cessation of trade its shares will be eligible for business asset taper relief (BATR). On cessation and sale of the property it will then have a substantial sum on bank deposit approximately equal to shareholders' funds in that stock and debtors will be approximately equal to creditors.
The directors want to deal with collection and payment of current assets therefore subsequent to the cessation of business and...
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