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Hi Alan, what tax relief is available to company directors who wish to receive a termination payment from their company. The company has ceased trading, sold its business premises and the directors now wish to extract some of the monies in the form of a termination payment. Both are shareholders, director 1 has 49 years service, the final year as an employee not a director or shareholder (bank debt issues necessitating transfer of shares at the time), director 2 has 42 years service as a director and shareholder. Alternatively could they be made redundant by the company as opposed to a termination payment and would they be entitled to statutory redundancy? Thanks

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Asked on 18 February 2015 5:28 pm
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