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As Old Corp will have ceased to exist having gone out of business your gain of $1m will be liable to Capital Gains Tax (CGT), but Entrepreneurs' Relief will apply which limits the tax to a 10% flat rate. The gain should be converted to sterling using the HMRC Rates of Exchange, say 10.37 [December 2017 rate], say 96.432K, so a tax bill of the order of a tad under 9.7K would be due.
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But you are receiving 1m HK$ for your interest in Old Corp. You could claim Rollover Relief which would postpone the tax until you disposed of your New Corp holding.
Yes, but using Rollover Relief you can postpone the liability until your New Corp investment is sold.
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