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Long-term intentions – death and dissolution

Tax Planning: 2023/24

Edited by:
Mark McLaughlin
Publisher:
Bloomsbury Professional
Edition:
2023/24 edition
Publication Date:
March 2024
Law Stated At:
22 February 2024
Chapter 1: Starting a business – choosing an appropriate trading vehicle Retention of profits Long-term intentions There are usually tax charges when dissolving an incorporated business. Incorporation reliefs used to shelter assets are transferred into a corporate business in exchange for shares. Disincorporation relief can protect the company from gains realised on the transfer of goodwill or property from a small company to the shareholders on its dissolution (see Chapter 3). However, the shareholders are not protected from the income tax or CGT charges that arise on the distribution of the company’s assets. Exit strategy ...

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