Hi,
I have an investment opportunity coming up with a close friend of mine. He currently trades in the stock market and consistently makes a good profit. He is willing to invest a relativly small amount of money for me with his personal account. The returns from this investment could exceed 200k a year and I'm concerned about the tax implications.
a) will I need to pay tax on my return? If so which tax law applies?
b) what type of documentation would be required to pay this tax?
c) how would I prove my original asset value if i gave him this to him in cash?
d) I'm obviously willing to pay any tax required. Do you think simply doing a cgt payment on the full amount returned would suffice? This sounds like the easiest approach.
Thanks in advance
Tony
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