18 July 2007
My clients (UK resident and domiciled) set up an offshore FURB (Jersey) in May 2000. Shares (value £200,000) owned by their UK trading company were transferred to it and PAYE and NIC was paid. The shares were sold in 2002 for £400,000. The FURB trustees created an offshore limited company owned by the firm and lent it £250,000, which was used to buy a UK residential property. The company plans to demolish it and construct a small block of flats (using borrowed money) to be sold with the intention of making a profit. My questions relate to the UK tax treatment on these proposals.
Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this item in full.
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
