Dissolving my Ltd company - Capital Gains Tax (CGT)

jacs645
Forumite Posts: 2
Newbie
in Cutting tax
I have a company which is formally open but has not traded for a few years. There is a small-ish sum of money in the account (less than £50k) and I'm trying to understand the CGT implications if I dissolve the company.
I am currently a non tax-payer as my only income is Carers Allowance (CA) (£75p/w) but thinking of initiating my private pension soon.
Is income relevant or would I pay CGT on the entire amount?
If I initiate a small pension (a lump sum plus £6k p/a) would this impact CGT payable?
I am currently a non tax-payer as my only income is Carers Allowance (CA) (£75p/w) but thinking of initiating my private pension soon.
Is income relevant or would I pay CGT on the entire amount?
If I initiate a small pension (a lump sum plus £6k p/a) would this impact CGT payable?
0
Comments
-
As its not traded for years, you might be to late to do an MVL then claim BADR , business asset disposal relief but worth checking out. If you qualify then that would be 10% cgt on the lump sum.
As your income is low, why not continue to take the money out in dividends until it runs out?0
Categories
- All Categories
- 338.9K Banking & Borrowing
- 248.7K Reduce Debt & Boost Income
- 447.6K Spending & Discounts
- 230.8K Work, Benefits & Business
- 601K Mortgages, Homes & Bills
- 171.1K Life & Family
- 244.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards