Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question.
From your question you yourself appear to be going out of the business all together. If this is indeed the case then any gain you make on the disposal will be entitled to Entrepreneurs' Relief (ER). This means that instead of the gain being exposed to Capital Gains Tax (CGT) at the usual 18% or 28% or a combination of the two rates depending on your income including the gain in the tax year of sale, ER limits the tax to a flat rate of 10%.
I do hope that you have found my reply of assistance.
Companies are not subject to the CGT regime, any profits or losses on the sale being passed through the trading accounts of the company and exposed to Corporation Tax (CT), currently 20%.
Yes you almost certainly do.
You would not have to pay IT on the funds you receive from this only CGT on any gain limited by ER.
You are correct that companies are not subject to CGT, but to CT on any gain.
If you withdraw funds on retirement that would constitute a disposal liable to CGT limited to 10% through ER.
Well the company will have that liability, correct; it will merely reduce shareholders' funds available for ultimate disposal. When you go out of the business then with ER your gain, not the aggregate of funds withdrawn, will be subject to CGT.
Exactly the same.
Yes the gains can, but the only tax benefit you will receive will be the normal for VCT investment. It will not affect the tax on the gain. VCTs have the following tax advantages [source: The Money Advice Service]:
'The tax relief on Venture Capital Trusts comes in a number of different forms and with varying risks.
I do hope that you have found my reply of some assistance.