Please do continue to search. My deadline is April 17th
Can you advise how this would work - do the company (in liquidation) then honour your debt directly with this third party - YES
I give up all rights to any funds owed me by the admin firm of my company
Price Shares assumes the role of creditor and I get a cash payout.
The amts are not huge. I am owed 36kGBP redundancy, the offer is 15% of that amount.
The firm making the offer is american
i am sorry I really don't understand your answer. If I sell my rights to the 36k in exchange for 15% of the total value, approx 5400 GBP and I receive these funds. Those funds come from that third party, prime shares. This is a payout in cash. How do I report this to HMRC and how much tax will I pay? I think you may have misunderstood my question, I am not selling 15% of 36k, I am selling the 36k potential payout to a third party in exchange for an up front paymt of 15%.
Thank you for reverting, so I understand that HMRC will automatically collect taxes from me on any payout when and if it happens?