11:50 AM, 6th February 2014, About 8 years ago 2
I am an expat, renting out my former residence in the UK. I am considering ‘donating’ the property to an off-shore company in my name. This is because CGT for expats is under review. I would do a ‘donation’ as opposed to outright sale because the country I reside in right now has global taxation rules and only a donation would be tax-free from their point of view. I assume borrowing by an off-shore company is very hard, so I can consider paying off the loan.
What are the implications of lettingn a house owned by an off-shore company ? Would I use the same AST contracts, would the insurance be the same, etc ?
How about the tax implications of the ‘donation’ step ? Would the off-shore company still pay stamp-duty (remember this is not a sale, is a donation).
On this issue of the review of the expats taxation, has anybody any feeling what are they going to do ? I guess there are many Brits living abroad and renting our their former UK residence, are the new rules likely to make any difference between a property sold by a Brit retired in Spain and a rich Hong-Kong guy who made a few millions buying and selling a Chelsea pad he never lived in ?
Help and views would be appreciated.
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