What is the disposal date for a company strike-off?

One of my clients emigrated to Australia last year and dissolved his company under Section 1003 of the Companies Act. We obtained ESC C16 and delayed the DS01 until February so the company would not be dissolved until after 5th April. As he is now non-resident, that should avoid capital gains tax (not sure whether it does in Australia though - originally it was meant to be Singapore which has no CGT). I am aware of the 5 year rule and the need to file a protective claim for ER.

But when is the disposal date? Is it a) when the company is dissolved as confirmed by Companies House, b) when ESC C16 was granted, or c) when he took all the money out of the company? I'd have thought a) as that was when the underlying asset (the shares) ceased to exist. ESC C16 turned it into a capital gain but presumably does not trigger the gain immediately.

However, I guess the extraction of the funds could be seen as a final distribution, and that was last year. We treated it as a loan until ESC C16 was granted but not thereafter. In that case it would depend on the book entries, and as there were no statutory accounts for the final period, there is nothing to reflect this apart from a board minute which merely grants authority for the funds to be distributed at some point.

I'm just about to do his tax return so I suppose I'd better check this out first.

Any ideas?

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Company distributions

v k ratliff |

On distribution

George Attazder |
George Attazder's picture

When funds were distributed

cfield |
cfield's picture

The point that I and, I think

v k ratliff |

Resolution

cfield |
cfield's picture

 On the one hand, the

v k ratliff |

Intention may also be a factor

cfield |
cfield's picture