Today, a client of mine, who has approximately 1 million pounds of cash in his bank, asked a question. A friend's accountant told him that he could withdraw the money in the bank to his personal account by paying only 10% tax, thanks to BADR (business asset disposal relief). To be frank, this method did not make any sense to me. For a company that is currently operating actively, I do not think that money sitting in the bank is a qualifying asset for BADR. Am I missing a point? I'm curious about your thoughts on this matter.
Thanks in advance.
