Procorre say I have an overdrawn capital account of around 100k, if they acquire the business I can apply for entrepreneurial relief which will take my liability down to 10%, entrepreneurial relief is not guaranteed.
I'm told I could possibly qualify by selling my company so then I will have incurred a capital gain tax liability that I can then apply for entrepreneurs relief to reduce my capital gains tax position.
Burnside say my options are (other than acquisition) pay the 100k back or pay full tax on it.
I'm told I could possibly qualify by selling my company so then I will have incurred a capital gain tax liability that I can then apply for entrepreneurs relief to reduce my capital gains tax position.
Burnside say my options are (other than acquisition) pay the 100k back or pay full tax on it.
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