Hi
I own a property development company 50/50 with another director that has one valuable property that we are about to sell. After the sale it would just have the sales proceeds - less corporation tax.
Shareholders are at different stages in life and it would be simpler to go our own ways.
Our initial intentions were to liquidate the company and pay ourselves the proceeds using entrepreneurs relief but then came upon the anti phoenixing TAAR which would probably catch us out as we both have other existing property development businesses.
I am now thinking would it be simpler to split the company in 2 with the business assets being at that moment just cash and then we could each continue to use the new companies that we would each own 100% to carry out further developments. We could then choose to liquidate those companies ( using entrepreneurs relief) at a more convenient time in the future when we would each retire.
Splitting the company would seem to be straightforward as there would not be any valuation issues and cannot see that HMRC would object as tax neutral but am I missing something. Is there a simple and reasonably cheap way to accomplish this?
Thanks for any advice.
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