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bigduckontax
bigduckontax, Accountant
Category: Tax
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Experience:  FCCA FCMA CGMA ACIS
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So it seems the best way is to just transfer the Co to my so

Customer Question

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: 2 years ago.
Category: Tax
Expert:  bigduckontax replied 2 years 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 and other Tax Specialists are ready to help you
Expert:  bigduckontax replied 2 years ago.
Thank you for your support.

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