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Our client is a close company in the building trade where all three directors, who are also one-third shareholders, are aged over 60.
Unrelieved trading losses of £90,000 arose in the year ended 30 June 2004 and, because of increasing losses, the company ceased trading on 30 November 2004. The losses for the accounts year ended 30 June 2005 were £150,000 and the total losses available are thus now £240,000.
Our client is a close company in the building trade where all three directors who are also one-third shareholders are aged over 60.
Unrelieved trading losses of £90 000 arose in the year ended 30 June 2004 and because of increasing losses the company ceased trading on 30 November 2004. The losses for the accounts year ended 30 June 2005 were £150 000 and the total losses available are thus now £240 000.
It was agreed by the directors at 30 November 2004 to sell the company premises from which they traded but the sluggish property market meant that the first offer received was in April 2005 contracts were finally exchanged in November 2005 and completion took place in December 2005.
The likely capital gain on the sale of the premises is £330 000 and there is thus a net...
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