Entrepreneur's Relief Section 169M TCGA 1992 form

[lawfra]

Yes.


Distribution date(s). NB this can often mean there are two disposals from a personal tax perspective (at least for MVL Online clients due to how we operate). If they're both in the same tax year, I can't imagine it causing any issues if you combined them and treated as one disposal, on the date of either distribution.

Hi Maslin,
Thanks for your reply. Please clarify with respect to "Description of Asset" are you saying that I should state "capital distribution"?
As regards to the distribution date(s) both the initial and final distributions are on the same tax year ie. 2017/2018. So is the "Date of Disposal" the final distribution date?

[northernladuk]

Hi,
Thanks for your reply, I did speak to a Tax Accountant based in London but he didn't mention that there is a dateline. Although my Company had no new business since June 2015, my Company continued to pay a salary until end of March 2016 that's when I gave myself a P45. My company continued to pay dividends until end of April 2017. Fees to Companies house have been paid till that date. MVL Company was appointed 24 May 2017 to placed Company on members voluntary liquidation. Is it too late to apply for ER?

Dunno. Just following on from some of the comments about time limits from your post in Feb 2017 about pensions.

[Maslins]

I need to know what should I be stating with respect to "Description of Asset". As the liquidation process did not involve the sale of shares do I still put down "shares" in the description or capital distribution?

Yes.

Also, with respect to the "Date of disposal" I am not sure what date I should be stating. Do I state the date when final distribution was made (18 Aug 2017) or the date when Liquidation closed (28 June 2017 as shown in MVL website) or the Companies House dissolved date (5 Dec 2017)?

Distribution date(s). NB this can often mean there are two disposals from a personal tax perspective (at least for MVL Online clients due to how we operate). If they're both in the same tax year, I can't imagine it causing any issues if you combined them and treated as one disposal, on the date of either distribution.

[lawfra]

I'd drop Maslins a note to ask him. He helped you in your thread this time last year about pensions and is our resident MVL expert. I have to ask looking at the last thread mentioning the amounts you are looking at why you haven't engaged professionals to make sure you've done all this right. According to your last thread about pensions in 2017 you've left it awfully late to close the company down to apply for ER. Is this not a risk?

Hi,
Thanks for your reply, I did speak to a Tax Accountant based in London but he didn't mention that there is a dateline. Although my Company had no new business since June 2015, my Company continued to pay a salary until end of March 2016 that's when I gave myself a P45. My company continued to pay dividends until end of April 2017. Fees to Companies house have been paid till that date. MVL Company was appointed 24 May 2017 to placed Company on members voluntary liquidation. Is it too late to apply for ER?

[northernladuk]

I'd drop Maslins a note to ask him. He helped you in your thread this time last year about pensions and is our resident MVL expert. I have to ask looking at the last thread mentioning the amounts you are looking at why you haven't engaged professionals to make sure you've done all this right. According to your last thread about pensions in 2017 you've left it awfully late to close the company down to apply for ER. Is this not a risk?

[lawfra]

Hi,
I have recently wound up my one man limited company by Members Voluntary Liquidation with my shares being cancelled and capital distribution made in the course of winding up. I am intending to apply for Entrepreneurs relief using the HMRC Section 169M TCGA 1992 form.

I need to know what should I be stating with respect to "Description of Asset". As the liquidation process did not involve the sale of shares do I still put down "shares" in the description or capital distribution?

Also, with respect to the "Date of disposal" I am not sure what date I should be stating. Do I state the date when
final distribution was made (18 Aug 2017) or the date when Liquidation closed (28 June 2017 as shown in MVL website) or the Companies House dissolved date (5 Dec 2017)?

Any help is appreciated. Thanks.