I was shareholder in a business that went into liquidation. While in liquidation, the liquidator was able to sell the business and after all creditors are paid, there will be a surplus for the shareholders.
Although the business changed hands to new owners as part of the liquidation in 2015, the full liquidation exercise will only be completed in 2016 and shareholders have not yet been paid the surplus.
My question is that as the CGT rate has gone from 30% to 20% as of 01/01/2016, what sales date is used for the sale of the business in liquidation? If the sale ultimately completes when the liquidation is finalised and all accounts closed then could it be 2016?
Although the business changed hands to new owners as part of the liquidation in 2015, the full liquidation exercise will only be completed in 2016 and shareholders have not yet been paid the surplus.
My question is that as the CGT rate has gone from 30% to 20% as of 01/01/2016, what sales date is used for the sale of the business in liquidation? If the sale ultimately completes when the liquidation is finalised and all accounts closed then could it be 2016?