If a company were to purchase a property in the Isle of Man with profits from the sale of land in England; intending to rennovate the property, sell it and then reinvest funds in the Isle of Man, what are the tax consequences for the company?
Also are there any reliefs available?
Buying Property in the Isle of Man
2 posts • Page 1 of 1
by cmartin@lucrafts.co. on Wed May 26, 2004 4:31 am
- cmartin@lucrafts.co.
- Posts: 2
- Joined: Wed Aug 06, 2008 3:11 pm
by Ian McTernan CTA on Thu May 27, 2004 8:33 am
If it is a UK company then it has realised a gain on the sale of the land in England (taxable to CT), it is then developing and will realise a trading profit on the Isle of Man development (taxable to CT) and what it does with the money after that has no bearing on the tax treatment.
Ian McTernan CTA
McTernan Associates Ltd
Chartered Tax Advisers
ian@imcternan.com
Ian McTernan CTA
McTernan Associates Ltd
Chartered Tax Advisers
ian@imcternan.com
- Ian McTernan CTA
- Posts: 1131
- Joined: Wed Aug 06, 2008 3:02 pm
2 posts • Page 1 of 1
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