<t>Hello<br/>
My siblings and I have inherited a property which has been held in an SPV since the early 1970s (strictly speaking we inherited the shares in the SPV). We need to sell the property and distribute the proceeds of sale and would welcome advice on any ways to mitigate the double tax charge (corporation tax then capital gains). Because the property has been been held in the company for so long, when sold there will be a very significant gain on the initial 1970 acquisition cost and therefore a very significant corporation tax liability (even after applying indexation relief). In order to extract and distribute the proceeds of sale, we would then need to liquidate the company and distribute the remaining cash to the shareholders, who would also then be liable for CGT (some at the higher rate). Trying to sell the shares in the SPV (instead of selling the property out of the company) is proving difficult because of the latent corporation tax within the company. Is there anything we could do to improve our tax position? Many thanks?</t>
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