If a UK individual is one of 4 shareholders in a Belgian company which holds a commercial property in Belgium which is commercially let through a property managing agent, will s13 TCGA apply when the company sells the property to attribute a gain subject to CGT for the UK individual assuming the individual hold > 25% of the shares?
Is property letting regarded as "economically significant activities carried on by the company" as defined in s13(5)( ca) TCGA such that s13 TCGA will not apply to attribute a share of the gain to the UK individual?
If the company shares were sold instead of the property would the UK individual simply be subject to CGT at 20% on his share disposal which would be far more tax efficient than if the Belgian company sold the property and was subject to corporate tax and further CGT on wind up or income taxes on extracting the net sale proceeds?
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