New queries, issue 4528

Manx company

Properties transferred to an Isle of Man company are now to be sold.

We are a husband and wife who have a small residential portfolio of 11 properties all originally held under shared private ownership. In 2006 we moved to the Isle of Man (IoM) severed all UK connections established a new home and transferred our entire lives to become Manx residents. We gained local employment and paid Manx taxes.

In May 2006 an IoM limited company was established with ourselves as equal directors and shareholders. The properties and the residential mortgages were transferred to the company with us as principal guarantors.

The transfer value of the properties was set at the mortgage values not the 2006 market values. The mortgage values at the time were about 40% less than the market values which we were advised was...