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I have isle of man registered co 1 is

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dear sir I have isle...
dear sir I have isle of man registered co 1 for example is super market building in Scotland value 1.5 million can I gift it to my son who is 23 and lives in Scotlan d I have lived in isle of man since 5 years and am a resident
Submitted: 3 years ago.Category: UK Tax
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Answered in 6 hours by:
5/30/2015
UK Tax Professional: Lane, JD, CFP, MBA, CRPS replied 3 years ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: UK Tax
Satisfied Customers: 14,894
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Hi,
There is no GENErAL definition of residence in Isle of Man
Individuals with a view or intention to establish residence will be treated as tax resident on the date of their arrival on the Isle of Man.
Generally an individual will be regarded as resident and taxable in the Isle of Man if at least one of the following criteria is met:
* he/she is physically present in the Isle of Man for more than six months in the tax year
* he/she is present in the Isle of Man for an average of more than 90 days in each tax year over four consecutive years.
So, as it seems you already know, you ARE considered a tax resident.
Capital gains are not taxable in the Isle of Man AND ...
the Government does not impose tax on the Benefactor or Beneficiary of a gift.
Here are a couple of good references on Isle of Man taxation:
http://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/taxation-international-executives/isle-of-man/pages/income-tax.aspx#3
http://www.ocra.com/solutions/isle-of-man-taxation.asp
Let me know if you have questions ...
Lane
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Lane, JD, CFP, MBA, CRPS
Category: UK Tax
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