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Woe, thrice woe!
KEY POINTS
- Consider whether the extent of the owner’s control of the business in terms of shareholdings.
- Factory could be given to the children as a potentially exempt transfer.
- Selling the premises to the company may give rise to other issues such as stamp duty land tax.
- Impact of the First-tier Tribunal decision in Reeves on holdover relief and non-UK residents.
It was the soothsayer Senna in Up Pompeii! who gave the warning of woes to come for its citizens as with the ancient city of Gomorrah adding after a pause ‘and Sodom!’ I thought I might borrow her pronouncement to cheer the holiday season along. My woes are for those who own trading premises used by a family company.
The scenario
With such companies it is quite common for the business premises...
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