Hi all,
Someone please tell me what's wrong with this idea...
I have a Ltd company which has, lets say, 100k sitting in it's bank account. I own the company 100%. Can i not sell (somehow, not sure exactly how) 10% of the shares back to the company for 10k and use my capital gains allowance on this to not pay any tax? Or is "sell the share back to the company" not possible.
I have a feeling that this is not a good idea (or perhaps even a daft idea ) otherwise someone would have already posted it here but i thought i'll ask anyway.
Someone please tell me what's wrong with this idea...
I have a Ltd company which has, lets say, 100k sitting in it's bank account. I own the company 100%. Can i not sell (somehow, not sure exactly how) 10% of the shares back to the company for 10k and use my capital gains allowance on this to not pay any tax? Or is "sell the share back to the company" not possible.
I have a feeling that this is not a good idea (or perhaps even a daft idea ) otherwise someone would have already posted it here but i thought i'll ask anyway.
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