Transfer of Company property to directors

[elizabyrne]

I have a question, Two directors who reach retirement age, liquidate their company. The only asset left in the Company is the Business premises. The premises is not been sold but transfered in equal share ownership to both directors (who are brothers). Both are over 55 and have worked in the business all their lives.

Is there a liability to Stamp Duty?

The property is not been sold, just transfered from the disolved company to the two directors. Perhaps in a few years the premises might be sold but with current economic climate they have no wish to sell.

Both directors should also be entitled to lump sum redundancy, tax free.

If there is a liability to Stamp Duty what would be the best way to minimise any payment? The said property and ownership is in Ireland.

I appreciate any help or advice in this matter.

Regards

Liz

[section 44]

Not a UK tax question. Perhaps should be posted on the international page.

just transfered

Might be worth clarifying how, exactly (distribution in specie?).