Tax question about closing my US company and sending the bank balance to my personal acc in the UK.

martinlewismartinlewis

Hello,

I have a company in the US that I would like to close. The company has a positive bank balance. In the act of closing the company, I would like to send the bank balance to my personal account in the UK. If I were to do so, which taxes would I pay? From my research I understand that I would need to pay capital gains tax only.

Thank you,

Jeremy535897

If you are liquidating the company, then capital gains tax is likely to be in point. You need to compare the sterling equivalent of the capital put into the company at the dates capital was added with the sterling equivalent of the cash received from the liquidation.

If you are able to take a dividend for at least part of the amount, that may be preferable, but it depends on the amounts involved.

There may also be US tax issues, on which I can't comment.