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Thank you Keith.
Once the asset is transferred to me the company will no longer have any assets and will be wound down as it's sole purpose was to hold the house. Apparently they will not have any tax to pay but the company administrators were more concerned that the transfer of ownership might give rise to tax liabilities for me. Am I right in saying that if title of the house is put in my name there will be no negative tax implications for me?
not sure why it is considered a gift? my father set up the offshore company to purchase the house. For tax reasons he could only be the beneficial owner of the shares. When he passed away these formed part of his estate, IHT tax was paid on the value of the shares (based on underlying value of asset less my father's initial loan to the company and subsequent loans to the company). Can you explain why you view it as a gift?