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An artist traded through a limited company. His family inherited his shares on his death and the company continued to make sales, organise exhibitions and publicity events, and produce additional sculptures from castings
An established artist traded through a limited company and on his death a few years ago artwork that he had created remained in stock. His family inherited his shares and the company continued to trade selling items from stock organising exhibitions and publicity events and producing additional castings of sculptures.
Most sales have been through art galleries where a commission of up to 50% is charged. A large amount of trading stock remains which if sold over time could be worth £200 000 to £300 000.
The family cannot agree on a strategy and wish to liquidate the company and divide the stock between the members. The company is VAT registered so presumably there would be output tax on the stock at deregistration or when distributed in the liquidation.
I assume the company would also have a trading profit based on the value...
