A commercial property – owned personally by the main shareholders of close company A – was used for their business from 2004 and it was sold in February 2022. The company ceased trading in September 2021 but was wound up by members’ voluntary liquidation (MVL) in 2022-23.
I advised them to do a MVL first before the sale of the property but they sold the property without notice. As a result I deliberately made the MVL in a different tax year to use the capital gains tax annual exemption for the shareholders.
I would like to confirm whether business asset disposal relief (BADR) can be used on the gains of property? If BADR is allowed because full market price was charged is it only available from 2004 to 5 April 2008? It is my opinion that BADR cannot be used as by the time of the...
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