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Sam
Sam, Accountant
Category: Tax
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Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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I am liquidating my. Business through a MVL. There are 2

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I am liquidating my. Business through a MVL. There are 2 properties in the business, a holiday let and a property which is on a long term let. Am I immediately liable for capital gains tax, or.
JA: What are the assets or property for this capital gain?
Customer: The properties are worth around 265,000 I should.
JA: Anything else you want the Accountant to know before I connect you?
Customer: My wife and I are the only shareholders

Hi, Sam here , one of the UK tax Experts here on Just Answer, thank you for your question and I shall reply shortly

Hi

All assets (including properties) are liable to capital gains when distributed following a MVL - which would need declaring at the year end and any tax due payable the following 31st Jan (as liable then to you as individuals rather than the company - but then you might be due entrepreneurs relief so only liable to 10% capital gain after your annual exemption amount) however note that if there are fewer than 5 shareholders then they are subject to income tax on distributions rather than capital gains - which Im sure the company managing your MVL advised this - Thanks Sam

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