New rules come into force from 6 April 2016 which may increase tax on closure of a limited company after that date. Broadly speaking, many company closures that would currently trigger a capital gains tax charge will from 6 April 2016 instead trigger a much higher income tax charge.
If you are thinking of closing your company, including any transfer to sole trade or partnerships, or thinking of buying or selling any company, please contact us. It may be possible and advantageous to act before 5 April 2016. Many transactions of such nature are not instantaneous, therefore immediate planning and action is likely to be needed.