Transfer of property to an Ltd

[Yiannis17]

Good morning

I have a situation here whereby a large UK rental property is held by an offshore company. Held outside the EU.

My intention is to have this property transferred to a UK Ltd company whereby paying corporation tax in the UK of Course. I am slightly lost as to the best way forward and how to close of the non UK company and transfer the property to a new formed Uk Ltd?

Thank you

[maths]

Where is the offshore company resident?

Are you UK or non-UK domiciled?

Do you hold the shares in offshore co directly or are they settled in a UK or offshore trust?

What is the rough value of the UK property?

Is the property mortgaged?

[Yiannis17]

Thank you.

The offshore company is resident in the Bahamas.

The director is UK resident but Non Uk Domiciled. (German origin)

I believe the company may be owned by a trust. Again held in the Bahamas.

Value of the property is 5m GBP.

Need to establish the financing on the property. I think it may not be.

[maths]

There are too many issues to be dealt with on this forum, in my opinion.

As an aside, if the only director of the Bahamian company is UK resident (albeit possibly German domiciled) it is highly likely that whilst the company may be registered outside the UK it is already UK resident for UK tax purposes and thus within the UK tax net.

Given the value of the property I suggest that professional advice be taken.