Restructuring Your Business

Many growing businesses start out operating from one sole entity: a single limited company with one or more family members or business partners as shareholders. The owners may have incorporated separate entities to manage different trading businesses or have setup investment companies to hold property or other investments. In the above scenarios, the shareholders may find that if they restructure… Read More

Family investment companies

For many people, a trust is the most tax favourable vehicle that enable them to pass assets out of their estate for Inheritance tax (“IHT”) purposes, but with unfavourable changes to the trust tax rules, this has made trusts less attractive nowadays. The alternative is family investment companies (“FICs”). FICs are private limited companies whose shareholders are family members. A FIC structure… Read More

Property Tax Essentials: 30-day CGT deadline and PPR relief

From 6 April 2020, the new 30-day reporting and payment window will come into effect for sales of residential property where a capital gains tax (CGT) charge arises. A standalone return will have to be submitted to HMRC within 30 days of completion, along with a payment on account of CGT based on an estimated calculation of the gain. Disposals… Read More

Onshoring – other solutions

You can also just liquidate the offshore company, with the distribution of the UK properties going to the shareholders. This should be treated as capital distributions and so subject to UK CGT. As there wouldn’t be any consideration payable for the properties, there shouldn’t be any SDLT issues. The properties would now be held in the hands of the individuals… Read More

UK tax reporting requirements for Offshore property companies

Overview In recent years there have been a number of changes with regards to the UK tax reporting requirements for offshore property companies. These changes mean there is a lot more responsibility placed on offshore property companies to account for UK tax. This article outlines the main changes that offshore property companies need to be aware of. Non-Resident Capital Gains… Read More