selling ltd Company - Taper relief?

18 months ago we put our commercial property (owned by a limited company in which my wife and I own 100% of the available shares) up to let, as a freehold sale would result in around 40% tax liability. The limited company ceased trading in October 2003.

We were told at the time that selling the limited company, and therefore the asset within, would reduce the tax liability to around 8 - 10% overall, due to a thing called "taper relief".

So, we just got a sale on the limited company and it now seems that "taper relief" may have "timed out" or some such. Obviously, we were not made aware at the time, that such a thing could happen.

Is this correct, or does taper reliefe still apply ad=fter a company ceased trading some 18 months ago?

Thanks.

Reply to
Mike
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Reply to
Jonathan Bryce

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