income tax on a one-off large payment

Rossita2023

Hello,
I earn 17.500 annual in my permanent job. As part of the divorce ruling, the business I had with my ex was transferred to me. The business owns a house which is now being sold. I wanted to use the sale proceed to purchase a family home and I understand that I will have to pay corp tax. But it occired to me that when I transfer this large amount of money (around 80k) from my business account to my personal account, I will need to pay income tax on it. Is that correct? I have calculated that this would be in the region of 32k, which is a massive chunk of my future deposit. Am I correct in thinking that?

Jeremy535897

You are correct in that taking the funds from the limited company will be taxable, but if you take it as dividend, the tax rate should be lower. If you take it as salary, there is a lot of national insurance if you go over £9,096, but it is worthwhile asking your accountant. Is the company a trading company, and if so, why does it own a house?