In more detail
An Example Of How This Works
The most common asset sold by a liquidator that results in a capital gains tax liability is the sale of a freehold property. The company may have owned the property or premises for a number of years. If the property has gone up in value there will be a capital gain.
We work out the capital gains tax due and report it to HM Revenue and Customs. It does not matter whether or not there is a loan or mortgage on the property – this does not affect the tax due.
What About Other Assets?
Most other assets sold do not give rise to a tax bill.
Assets sold before liquidation will have crystallised a tax bill before the date of liquidation. This is not an expense of the liquidation but an unsecured creditor.
