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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 4198
Experience:  FCCA FCMA CGMA ACIS
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I am the UK resident/domiciled beneficial owner of a BVI company

Customer Question

I am the UK resident/domiciled beneficial owner of a BVI company from which I take no income, dividends or other benefits or similar. Should I list it on my UK tax return?
Submitted: 3 years ago.
Category: Tax
Expert:  bigduckontax replied 3 years ago.

Hello, I'm Keith and happy to help you with your question.

 

There is no requirement to list the investment on your UK Self Assessment unless you have either received income therefrom or generated a capital gain. You should emulate Brer Fox, 'For he lay low and say nuffin!'

 

I do hope my answer has been of help to you.

Customer: replied 3 years ago.

Hi - thanks for the reply. Forgive me as it's the first time I've used this system so am not familiar with the etiquette.. I guess I had been hoping for a more fulsome - perhaps referenced (?) - answer to my question but then for £26 perhaps I was expecting too much.


 


Just to be clear, if the off shore account has generated 'interest' then this too does not need to be declared so long as it stays in the offshore company. It's only if I repatriate funds to the Uk then I as a UK tax payer would, of course, declare that on my HMRC form as 'income'?


 


Hopefully that makes sense and is not pushing your good will too far!


 


I'll be quiet now!


 


Thanks


 


David

Expert:  bigduckontax replied 3 years ago.

Yes, David, you have it to a T; provided it remains offshore in the company then you do not have to declare it on your return.

 

The reason for my very brief original reply was that the answer to the question was simple. You asked if you should list it and I told you that there was no need so to do. The only time it will require reporting is the gain, or loss, on ultimate disposal at some indeterminate, future date.

 

i do hope that explanation will clear the air. Please be so kind as to rate me before you leave the Just Answer site.

bigduckontax and other Tax Specialists are ready to help you
Expert:  bigduckontax replied 3 years ago.
Thank you for your support.