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Tax on Company Closure
by dipswitch at 16:24 01/04/16 (Ask-Legal-Accounting)
I retired last year and my accountants closed my company by striking off at the beginning of this tax year.
The closing balance received was 22000 net after corporation tax had been paid. This sum splits 55:45 with my wife who was a joint shareholder.

My share of this will be subject to tax at the higher rate if declared as income. Can I declare this as a capital gain, which would be within annual tax free limit?

As I have other capital gains I would like to crystalise this tax year, is it possible as an alternative to declare this sum under the ESC16 replacement legislation which I understand to be set at a tax rate of 10 % for gains up to 25000. If so, how do I declare this?

My wife can declare as income as this would not take her income above the higher rate limit.

Dipswitch


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Tax on Company Closure dipswitch - 1/04
    Re: Tax on Company Closure BarryRoback - 31/03
 
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