188体育

A Ltd disposes of an asset for 拢100,000 giving rise to a chargeable gain of 拢50,000.

The tax on the gain is 拢12,000, but the company did not pay this within six months of the appropriate date.

The company, in the course of a members鈥� voluntary liquidation, uses 拢94,000 of the拢100,000 received (its total assets) to pay off creditors.

Mrs X held one-third of the total issued share capital and received a capital distributionof 拢2,000 in respect of her shares out of a total capital distribution of 拢6,000.

Mrs X should be assessed within two years of the appropriate date (in the name of the company) to an amount of Corporation Tax equal to the lower of

• the value of the distribution received - 拢2,000
• one-third of the Corporation Tax due on the chargeable gain (Mrs X received one- third of the capital distribution) - 拢4,000.