Director has significant overdrawn loan account.
Looking to sell company for £x and pay CGT on that at 10%.
Purchaser will retain sufficient funds to clear overdrawn loan account and will pay net amount to vendor.
Does this work from a tax perspective i.e. can the director clear an overdrawn loan account (which would normally be cleared by voting a dividend/bonus chargeable to income tax) with proceeds from selling the shares which is subject to much lower cgt rates.
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