Discussion
Callig Eric..
I would say that it is only as difficult as you would expect to be, in light of potentially saving millins in tax. Employ the right people and dont rush it, and things wont be as difficult as if you rush things.
Either Switzeland, or Monte Carlo. There are plenty of websites giving guidance on various situations. I am no expert, but know the thoughts your friend will be going through.
I am sure Eric will clarify, but it is my understanding that some of the rules have changed recently in ersm of visiting the uk / leniancy of the authorties in terms of swiss / lichtenstein not disclosing residents information.
I would say that it is only as difficult as you would expect to be, in light of potentially saving millins in tax. Employ the right people and dont rush it, and things wont be as difficult as if you rush things.
Either Switzeland, or Monte Carlo. There are plenty of websites giving guidance on various situations. I am no expert, but know the thoughts your friend will be going through.
I am sure Eric will clarify, but it is my understanding that some of the rules have changed recently in ersm of visiting the uk / leniancy of the authorties in terms of swiss / lichtenstein not disclosing residents information.
I had a friend do this, he was allowed to return to the UK after 5 years and not pay a penny in tax. He now earns £2million a year in the UK but only pays 10% tax because he is working for some sort of umbrella company in the channel islands. The tax man took him to court and somehow he managed to convince them he could only afford 10% a year and thats all he pays.
He would have to establish his non-UK tax residency well in adavnce of the sale of the businesss. Once obtaining non-UK residency, he would need to maintain that position for at least a couple of years to make sure that the gain on the disposal of the business escapes UK tax.
If the gain is £1 million or less, he could pay only 10% CGT on the gain. However, any future gains on further capital disposals would be at 18%.
If the gain is £1 million or less, he could pay only 10% CGT on the gain. However, any future gains on further capital disposals would be at 18%.
I thinki there is a lot of aspects to consider - leaving the uk for one, albeit most people on first thought would say - yes, no problem, but beleive me, when you start thinknig about limited days back, and how to visit family etc it adds some angles to the arguement, but it is really a very induvidual decision. I know someone who chose to stay here after the sale of their business and pays tax at the going rate since the sale of his business for £12m.
I think there are options before selling your business in tersm of restructuring it into switzeland into a term called TESCM (Tax Efficient Supply Cahin Management) - especially usefulif your firm handles raw materials. (Walkers group owner Pepsico have just done this for Walkers Crisps)
Eric, correct me if I am wrong! - you are the oracle!!
I think there are options before selling your business in tersm of restructuring it into switzeland into a term called TESCM (Tax Efficient Supply Cahin Management) - especially usefulif your firm handles raw materials. (Walkers group owner Pepsico have just done this for Walkers Crisps)
Eric, correct me if I am wrong! - you are the oracle!!
The only way to be 100% free of UK tax is to be domiciled elsewhere,that means effectivley severing all financial links(no property,bills,bank account etc)you cant even be buried here,you can be cremated and brought back in a box to the UK.I would say ,think long and hard how much the money is really worth because it puts a hell of a strain on close family left in blighty
smifffymoto said:
think long and hard how much the money is really worth because it puts a hell of a strain on close family left in blighty
A close friend sold in the region of £9m and chose to enjoy his money with his family in his home (albeit a newer much larger home).ETA - threads verging towards the left -
Gordy Brown is a thief dont give him your money.
Edited by CrashTD on Wednesday 18th February 00:22
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