"lower CGT rate, charged at 10% on the first £1m of gains, when selling a qualifying business." - does the same apply if the business owner has cash in the business bank and decides to just close the business and personally keep / pay self the cash in the bank? I.e. if wanting to close the business instead of selling and say for example the business has 100k in its bank account left over after paying respective company profits corporation tax etc can the business owner pay that to themselves personally and then personally only be liable for the reduced 10% CGT rate and therefore personally netting 90%?
19th Apr 2022
business asset disposal relief -closing a business
same reduced 10% tax rate for closing business as if selling business?
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