Fiscal Odyssey

Continuing his diary Allan Cinnamon International Tax Consultant BDO Stoy Hayward examines some interesting and current areas of international tax planning through his work with a Swiss subsidiary

Cosmetica plc (plc) is a large client with international interests. Although 25% of the company's shares are quoted the founding family still retains a controlling interest. The group originally specialised in cosmetic products but commencing some five years ago it instituted a programme of selling off its cosmetic interests and investing in UK and international real estate. I recently became involved in advising on the realisation of the rump of its trading interests that happen to be owned through its wholly-owned Swiss subsidiary Cosmetica AG (AG). As will be seen this assignment provided a good illustration of a number of interesting...