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Tax on sale of business?

musicformedia · 2016-06-27 15:51:28

Hi guys. If someone had a Ltd. company and sold the website that it has for say €500k, how does that work tax wise? Technically the company has just earned €500k and needs to pay tax on it and then for the director to take that out of the company it would cost a huge amount in tax too right? Would you get double taxed in…

27-06-2016 3:51pm

#1

musicformedia

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Join Date: February 2009

Posts: 132

Hi guys. If someone had a Ltd. company and sold the website that it has for say €500k, how does that work tax wise?

Technically the company has just earned €500k and needs to pay tax on it and then for the director to take that out of the company it would cost a huge amount in tax too right?

Would you get double taxed in this circumstance?

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#2 27-06-2016 4:37pm

Lockedout2

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If the company is in the business of selling websites then it's subject to 12.5% CT if not then it's 33% CGT in the company.

If the shareholder wants to get it, it's 50% Income Tax or 33% CGT or maybe 20% CGT.

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