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My client's close company has been in decline for some years. The directors wish to cease trading as soon as possible, wind up the company and then go their separate ways.
The company assets qualify for business asset taper relief whilst the company remains trading. However, the directors advise that the eventual sale of the company may take anything up to two years.
My client's close company has been in decline for some years. The directors wish to cease trading as soon as possible wind up the company and then go their separate ways.
The company assets qualify for business asset taper relief whilst the company remains trading. However the directors advise that the eventual sale of the company may take anything up to two years.
My concern is that the business asset rate of taper relief available will reduce the longer the company takes to sell the assets after the cessation of trade. The directors want to argue that the company is inactive during the winding up process being neither a trading company nor an investment company. I would prefer to consider a dividend in specie; however we cannot reach an agreement.
Can readers offer advice on how to break this stalemate?
T16 848 — Tainted.
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