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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.