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18-Jun-2016 09:47

The tax payable in this case by the individual shareholders may be as low as 10% if the capital gains qualify for entrepreneurs’ relief.

If however the funds are not significant enough to warrant the payment of liquidator’s fees, a better alternative may be for the company to pay a dividend, reducing the available funds to £25,000 and then pursue an informal winding up.

It is clear that taxpayers effecting the liquidation, deregistration or winding-up of a company must carefully consider the structure and form of the transactions under consideration, to prevent the creation of unintended taxable capital gains.

RJP look at the sticky issue of winding up a company.

In the coming week, an important change to the ruling that shareholders informally winding up their companies can distribute any remaining funds as capital and depending on the circumstances, can also benefit from entrepreneurs’ relief, will come into effect.

Starting from 1st March, if the company concerned has distributable funds in excess of £25,000, all funds distributed will be treated as dividends and subjected to income tax in the usual way.

However, the calculation mechanism of the part-disposal rules includes the R2 dividend in the predisposal market value of the share, resulting in "lost" base cost and a taxable capital gain where no capital gain has actually been made.

When the subsequent capital distribution is received, the apportioned amount of base cost attributable to the part disposal is (R9/R10 x R10), or R9. By separating the two transactions, the application of the legislation produces a result that is in line with the commercial realities of the transaction.

Whilst it is now too late to make a new application for this facility and benefit from the old rules, there are still options to consider going forward.

We therefore thought it useful to explain what the rules are on the informal closure of a limited company, where this is undertaken under HMRC extra statutory concession 16 (ESC C16), and provide you with some advice on what to do in the future should the need to dissolve a company arise.

There are of course liquidator’s fees involved in this route, and if the funds are significant, they may warrant paying these fees.

In such cases, there will be no issue relating to any remaining funds being treated as capital and the existing rules can be applied as appropriate, regardless of how much is left in the company.However if the funds exceed this amount, the entire distribution will be subjected to income tax.



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