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A dormant company owns a one-quarter share in a property. The rest is owned by the company’s shareholder. The property has gained in value and the owner wishes to pass it to his children
We have acted for a very wealthy client for a number of years. One aspect of his tax affairs is a now dormant limited company which he owns in its entirety its only asset being a one-quarter share of a property.
The remaining three-quarters share of that property is our client’s only or main private residence which was nominated as such after the sale of the marital home two years ago when our client and his wife divorced.
The current value of the entire property is about £1.6m and the company’s quarter sits in the accounts at £75 000 this being the proportion of the cost in 1996.
Our client is in his late fifties and wants to begin tidying up his affairs. We have suggested that he gifts the shares in the company to his children with an election being made to hold over the gain.
...Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
