Sian Kelly

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Tax consequences of 'illegal' dividends

July 01, 2021 by Sian Kelly

Dividends can only be declared out of a company’s available undistributed profits, and if the payments are to be legal then the correct administrative procedures need to be followed. If a director sanctions illegal dividend payments, there can be significant tax for both the individual concerned and the company even if the director was unaware of the non validity of the dividend at the time.

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