B
BigJase
New Member
Good Afternoon,
Friends of ours have a limited company that was quite successful until health circumstances took over.
They have decided to close it down and sign off.
The company was not old enough to have filed its first accounts yet so currently no Corporation Tax liability as been created.
Vat is all up to date.
No debts.
There will be approx £50,000 cash left in the business account.
However they were smart - the limited company holds over £300,000 of Royal Mint 1oz gold sovereigns… it is a sight to behold let me tell you.
Every time they had big chunks of money they bought sovereigns so they could rise in value.
As they are closing it down - the assets are getting split up.
Obviously there would be a personal tax liability on the cash, but where do they stand inheriting approx £150k of Royal Mint gold coins? Someone did say they are free from capital gains?
Any ideas?
Thank you
Friends of ours have a limited company that was quite successful until health circumstances took over.
They have decided to close it down and sign off.
The company was not old enough to have filed its first accounts yet so currently no Corporation Tax liability as been created.
Vat is all up to date.
No debts.
There will be approx £50,000 cash left in the business account.
However they were smart - the limited company holds over £300,000 of Royal Mint 1oz gold sovereigns… it is a sight to behold let me tell you.
Every time they had big chunks of money they bought sovereigns so they could rise in value.
As they are closing it down - the assets are getting split up.
Obviously there would be a personal tax liability on the cash, but where do they stand inheriting approx £150k of Royal Mint gold coins? Someone did say they are free from capital gains?
Any ideas?
Thank you
