Company Closure through MVL

[Deleted member 334802]

Hi, thank you in advance for your help.
I own a company and it is currently going through an MVL.
Capital was around 160k when closing. However I took a directors loan , and currently have circa 60k held with HMRC for the S455 tax.
I have paid the capital gains tax of 10% through my self assessment.
The question I have is when the company is fully closed and I receive the money back from HMRC for the 60k they hold, will I have to pay any further taxes (ie IT)? Or any further tax due to the money received back after the S455 is paid back to myself? I hope that makes sense.
Unfortunately the accountant and the liquidators wont answer the question.
Thank you for your help again

G

 

[NicoJ]

S455 is a company tax charge so no you won't pay any tax on it because (if it is paid back) you won't receive it, the company will.

 

[Deleted member 334802]

Perfect, thanks Nico.
Only other question would be, I have paid the CGT of 10%. Do I have any further liability with regards to my personal tax from the capital of the company? I've been hit hard by the tax man previously so I am just planning worst case scenario.

Thanks again

 

[Lisa Thomas]

I suspect that the Liquidators cannot answer your query because they aren't permitted/licensed to give tax advice. You need to obtain this form the company's and your personal accountant/s.

Often you can claim Business Asset Disposal Relief (BADR, previously known as Entrepreneurs Relief) on distributions paid to you by the liquidator but again, your accountants will need to advise whether you fit the criteria.