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Inheritance of a Manx company
I should be grateful for advice about an Isle of Man company that my father set up in 1979. He lived on the island from 1976 and was domiciled there until he died in November 2014. The company is a property investment business with just me and my father as the directors. I live in the UK. In his will my father left me his six shares in the company.
I already owned one share and there were only seven shares issued in total. The company’s income consists entirely of rental income from UK properties. Tax is paid to the Manx government although I now understand that it should have been paid to the UK authorities.
Must I move to the Isle of Man? If I sell the properties would I have to pay capital gains tax or any other tax? I am at a complete loss as...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
