Hi, welcome to the site. My name is Max and I will help you with your question.
If you have started up a new company abroad, then this is completely different to the company in the UK, and there should be nothing stopping you from doing this.
Did you have any specific concerns about this or queries?
The person who benefitted from the trust share can only claim against the share. Holding a share on trust does not give them right to look to your estate or your wife's estate.
And what is he now saying?
Does he say he has a claim against the overseas company and if so, on what basis?
Yes, there is. it is 6 years from the date of the breach of trust.
I expect you're probably right yes, although you'll aprecicate that I don't know nearly enough about the detail to say much more than that.
Generally, though, after 6 years, so long as you don't try and conceal things or commit fraud, that's the limitation period. After that, it's over, no action can be started.
Is there anything else you would like me to answer for you about this?
Tell them about what? What is the question on the tax form?
Fairness is not the issue. The issue is whether it was held in trust - i.e. it doesn't belong directly to her and thus would not be subject to tax. You have to be honest and open with the authorities. At the end of the day it doesn't mean he can get anything, he is prevented from bringing the claim if it's statute barred.
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If you need to ask anything else about this later just let me know.