CoffeeMaker
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Hi, I am a proprietary director of a limited company. I planned to strike off the company in December 2022, and exercise SCSB as per the link below:
Unfortunately I'm facing an urgent need for 30% of that amount now, which can't wait till December. Given the company is going to be closed at the end of the year is there a chance for me to take part of that benefit now and get the balance paid upon the company closure? The only alternative I can see is to pay myself a loan, which I really don't want to do.
Part of the document implies that it can be done unless I misread it:
Thanks.
Unfortunately I'm facing an urgent need for 30% of that amount now, which can't wait till December. Given the company is going to be closed at the end of the year is there a chance for me to take part of that benefit now and get the balance paid upon the company closure? The only alternative I can see is to pay myself a loan, which I really don't want to do.
Part of the document implies that it can be done unless I misread it:
Any tax free lump sum payments you receive are then taken from this benefit
Thanks.