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bigduckontax, Accountant
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an off shore company owns an option over a plot of uk land,

Customer Question

an off shore company owns an option over a plot of uk land, registered at the uk land registry, if the off shore co sells the option to a uk company does the uk company have to charge a with-holding or any uk tax and is the off shore company liable for any uk taxes ?
Submitted: 2 years ago.
Category: Tax
Expert:  bigduckontax replied 2 years ago.
Hello, I'm Keith and happy to help you with your question.
Just to be quite clear in which country is this off shore company located? Once I have this information I can proceed further.
Customer: replied 2 years ago.

Thanks Keith, the off shore company is in Guernsey CI.

Expert:  bigduckontax replied 2 years ago.
The acquiring company need not retain any with holding tax. HMRC state that there is no with holding tax viz a viz Guernsey.
Guernsey does not levy Capital Gains Tax (CGT) which makes it so attractive as a holding location. There would appear to be no liability to UK CGT. The 2012 Budget did impose some taxes by way of Stamp Duty and CGT on overseas owners, but these measures only applied to residential properties.
I do hope I have helped you with your question.
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 3592
Experience: FCCA FCMA CGMA ACIS
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Expert:  bigduckontax replied 2 years ago.
Thank you for your support.

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