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Thu 01 Jun 2017

News on offshore residents de-enveloping properties

News on offshore residents de-enveloping properties

Consultant Solicitor Graham Jaffe is highly experienced & specialises in all aspects of enfranchisement work including niche areas of the sector such as de-enveloping.

He is currently acting for a client, whose intention is to transfer properties into the names of his/her children, hence resulting in a restructuring of the companies with the shares being transferred to the children and the liquidator then transferring the properties to them. This process is known as de-enveloping and the benefit of going via the liquidation route is that there is no stamp duty land tax payable on the transfer from the liquidator or shareholders. Transferring the shareholding in both companies would allow for the liquidator to transfer the properties, gifting them to their children.

Many offshore residents holding residential property in the UK are now taking steps to de-envelop their properties as there are no longer any tax benefits. There had previously been an exemption from capital gains and inheritance tax on disposal, however the capital gains tax exemption fell away last year and the inheritance tax exemption disappeared on 31st March.

For help & advice on de-enveloping properties and tax issues that could occur please contact JPC Law or Graham directly.  

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