Before the holiday is over

There are five secret questions you need to ask yourself before the holiday is over.
Ola Sulaimon of Ronzl Accountants shares some timely advice.

THE holiday I am referring to in this title is tax holiday or relief for businesses that are run through companies and their shareholders wanting to dissolve it to a sole trading business. This relief is referred to as disincorporation relief; it was first introduced on 1 April 2013 and ends March 2018.

Disincorporation relief allows a company to transfer its qualifying assets, which are goodwill and properties (as long as they are stock), to its shareholders without incurring a corporation tax on the disposal of the asset.

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