Closing a limited company? End of ESC C16 could penalise those extracting funds
Thursday, February 09, 2012 | Posted by: Chris Tysoe
Categories:
Business,
Protecting your wealth
| Tags: business,
tax planning,
capital gains tax,
CGT,
income tax,
Entrepreneurs' Relief,
liquidation,
Chris Tysoe,
share capital,
company distributions,
closing down a company,
ESC C16,
extraction of funds,
shareholder,
dissolution,
payment of capital,
striking off,
winding up,
Extra Statutory Concession,
Entrepreneurs’ Relief
Time is of the essence for anyone seeking to extract funds from a company in the process of being struck off. From 1 March 2012, new legislation may bring higher tax liabilities on any payments out of the business before it is dissolved.
