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PAULA TALLON runs through tidying up a company's affairs in preparation for a sale.
IT IS A familiar request one which most accountants will be used to; 'I have had an offer for my business and I want to sell the shares but [there is always a but!] the purchaser does not want to buy the Old Kent Road property. He also does not want the subsidiaries and the loan to my old school pal John needs to be repaid. By the way I do not want to trigger lots of tax charges'. It is now time to meet Mr and Mrs B.
Mr and Mrs B own the companies as shown in Figure 1 below.
- Tock Holdings is a property development company which has a 100% interest in Big Ltd and a 1% interest in Ben Ltd.
- Big Ltd is currently dormant and Ben Ltd is a property development company.
- Tock...
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