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Thanks for reply-I think some points missed but I appreciate it is confusing -they could have an MVL now and could claim ER -but could they if the reserves are 90% from sale of investment?
And the problem is that the co still owns a freehold comm building as explained .
My own view is that as co owns freehold still -and there are time restraints -may have to keep company going and take dividends over next few years?
But what would happen if freehold sold next year -co would pay gains-THEN could co be closed with MVL and owners claiming ER?
If they went through a MVL then the following occurs (source: Contractor UK, Beacon):
'Even following the new rules, assets distributed under a Members Voluntary Liquidation (MVL) are still taxed on the shareholders' as capital'
The company selling the feehold would bring any gains into the Profit and Loss account which would be taxed under the Corporation Tax regime at 20%. After settlement the balance would be available to shareholders in a MVL and the individuals' gain on that could generate an entitlement to ER which limits the CGT to a flat rate 10%.
But what about time constraint re ER claim -co ceased trading March 2015?
And what about fact that building if building sold -it was rented out rather than occupied by staff etc -as stated before -still 100% ER .
If building was not sold -then could reserves still be withdrawn as a capital distribution ( i.e. ER ) and leave building in company and co continues as a trading company.
I am okay with paying for further advice if you explain how I can do this?
Also -is it possible to speak on telephone?
I think you have helped me - how would I ask for you if I use again ?
My telephone number 0208(###) ###-####-can I ring you direct or is that a breach of your terms there?
Just request me when you post your question, that is the easiest way. I would have 15 minutes to respond after which the question would be thrown open to all experts.
Pleased to have been of assistance.