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bigduckontax, Accountant
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So it seems the best way is to just transfer the Co to my so

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So it seems the best way is to just transfer the Co to my so and instead off adding 40 k to the 40k rent to pay off the 350 debt to rbsi in 18 months approx. just leave the 40 k rent to pay off the 350 in 3 years and leave it as a isle man co but in my sons namenot in my own co hendersons thatown that co and another couple of companies cheers Alex
Submitted: 1 year ago.
Category: Tax
Expert:  bigduckontax replied 1 year ago.

Hello Alex, I am Keith, one of the experts on Just Answer, and happy to help you with your question.

Yes that appears a sensible approach with the minimum of disruption to all and sundry.

As the Isle of Man has no Capital Gain Tax regime the transfer will be a tax free as far as you are concerned. The IOM has no gifts tax either so your son acquires the company tax free also.

I do hope that I have assisted.

bigduckontax, Accountant
Category: Tax
Satisfied Customers: 3598
Experience: FCCA FCMA CGMA ACIS
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Expert:  bigduckontax replied 1 year ago.
Thank you for your support.

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