I am a UK resident and UK domiciled individual and have recently acquired a trading group. The group has a holding company in Jersey and trading subsidiaries in a number of European countries including Malta and the UK. The Jersey holding company doesn’t appear to serve any purpose and I would like to bring it onshore. What tax issues do I need to consider?
Answer
Practical matters
The holding company will be brought ‘onshore’ (i.e. become resident in the UK for corporation tax purposes) if its central management and control is moved to the UK. As you are a UK resident it will likely be more straightforward for you to control the company from the UK rather than trying to take all strategic decisions...
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I am a UK resident and UK domiciled individual and have recently acquired a trading group. The group has a holding company in Jersey and trading subsidiaries in a number of European countries including Malta and the UK. The Jersey holding company doesn’t appear to serve any purpose and I would like to bring it onshore. What tax issues do I need to consider?
Answer
Practical matters
The holding company will be brought ‘onshore’ (i.e. become resident in the UK for corporation tax purposes) if its central management and control is moved to the UK. As you are a UK resident it will likely be more straightforward for you to control the company from the UK rather than trying to take all strategic decisions...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
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