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selling my business and tax credits
long_tall_sally_2
Posts: 1 Newbie
I am thinking of selling my business which would mean receiving a lump sum of around £155,000.00.
This would be used to pay off the motrgage and also many debts atributable to the business that would have been sold.
How would receiving this sum effect the tax credits and child tax credits that we currently receive? (we have two kids age 6 and 7).
This would be used to pay off the motrgage and also many debts atributable to the business that would have been sold.
How would receiving this sum effect the tax credits and child tax credits that we currently receive? (we have two kids age 6 and 7).
0
Comments
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Tax credits will be affected by the income you have after the business is sold, rather than the money you receive from the sale.0
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would you be liable for CGT? just as offshoot there.0
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I don't think that you would be able to pay off your mortgage unless you are in arrears as that would be considered deprivation of assets.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0
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