Properties offshore company ?

BillyGreens

Do I declare rent as income if it's an overseas property owned by my offshore company in a tax haven
I have a houses in uk If I set up a company in-for example- the British virgin islands, and transfer ownership to the company, so rent goes to the company (not to me), do I have to declare UK income tax, even if I don't repatriate the money
Is it still 'income' if I've re-invested it in other properties/overseas stocks etc

SeniorSam

If rent is paid from the properties in your ownership, then yes, you need to declare it as income. If you then form an offshore company, will you 'gift' the property to the company, or sell it to the company? The latter may attract GGT, the former may attract other tax if you die within 7 years of making the gift and your estate value is above the nil rate band allowance.

Any income you personally receive is declarable, but rental income to a company is not your income. Be careful of the country you register in and in which the property is in, as other taxes may apply.

Hope this helps

Sam

taxing

SeniorSam wrote: »

If rent is paid from the properties in your ownership, then yes, you need to declare it as income. If you then form an offshore company, will you 'gift' the property to the company, or sell it to the company? The latter may attract GGT, the former may attract other tax if you die within 7 years of making the gift and your estate value is above the nil rate band allowance.

Any income you personally receive is declarable, but rental income to a company is not your income. Be careful of the country you register in and in which the property is in, as other taxes may apply.

Hope this helps

Sam

I think you'll find that it is possible for the non-resident investment company's income to be assessed on the UK tax resident shareholders under the anti-avoidance rules.

Cook_County

I don't understand why the company is not UK resident and taxable in the UK. Just on the off-chance that it is non-UK resident any income and gains would be attributed to the owners - unless there is some commercial motive here that we have not been told about?