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MARIA KITT considers the potential tax implications when a business is wound up
KEY POINTS
- The need for a sound tax planning strategy.
- Poor compliance can result in HMRC action.
- Key capital gains tax mitigation.
- Each alternative has unique tax issues.
- Poor management including management of tax liabilities is a common cause of business failure.
At the time of writing Andrew Andronikou the administrator appointed to manage the affairs of Portsmouth Football Club which is reportedly more than £70 million in debt has been given the all-clear by the courts to proceed with the completion of the club’s administration.
This followed a winding-up order and subsequent legal challenge by HMRC into the bona fides o
f the club’s statements of its financial affairs in the High Court.
Mr Andronikou is now able to...
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