Buying property in your name for Ltd company

Purchase a property overseas on behalf of company in my own name

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So basically I want to purchase a property for my company in Dubai but only individuals are allowed to purchase (not UK company) so I am wondering if I can set up a nominee / beneficiary trust thing and in this way my company can own the property and carry the costs and risks. I have few properties in my company and I have to pay a decent amount of interest so I don't want to really own in my name since I can't get interest deduction. Furthermore if I lose money on the investment, I want to be able to offset against other company assets. Anyway, please can someone advice if that's possible and who is responsible for taxes in this situation once agreement is set up. 
thanks

A

Replies (15)

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By FactChecker
17th May 2024 22:22

A few observations:

- "I have few properties in my company" ... a UK company? (just one of the many missing details)
- you therefore will have already appointed an accountant for your company of course ... if not, why not?
- "I am wondering if I can set up a nominee / beneficiary trust thing" ... the word 'thing' might give you a clue as to why you need professional advice?
- "who is responsible for taxes" ... which taxes? / in which country? / personal or corporate?

In short ... ask your accountant or appoint one if for some weird reason you don't yet have one (and make sure they're well versed in Dubai laws as well as the UK - and, for all I know, whichever country of which you are currently a tax resident).

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Replying to FactChecker:
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By Paul Crowley
17th May 2024 22:48

I amsure Justin will have an opinion.

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Replying to Paul Crowley:
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By Tax Dragon
18th May 2024 06:49

I agree it would be sensible to take legal advice alongside (if not before) tax advice. In both jurisdictions.

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Replying to Paul Crowley:
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By Leywood
18th May 2024 14:05

He can’t post it though, he appears to be in the naughty step.

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Replying to Paul Crowley:
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By FactChecker
18th May 2024 23:22

Very subtle that last sentence! :=)

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Replying to FactChecker:
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By Paul Crowley
18th May 2024 23:34

See you in a couple of week's time

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DougScott
By Dougscott
17th May 2024 23:00

You won't get an answer on here and you need to appoint appropriate professionals who have experience in dealing with this sort of situation and can ask you about all the relevant facts.

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Replying to Dougscott:
RLI
By lionofludesch
17th May 2024 23:42

Dougscott wrote:

You won't get an answer on here and you need to appoint appropriate professionals who have experience in dealing with this sort of situation and can ask you about all the relevant facts.

You're right. I've no idea and I suspect many will be in the same boat.

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By David Ex
18th May 2024 01:07

Have you considered using an SPV?

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Replying to David Ex:
RLI
By lionofludesch
18th May 2024 07:23

[chuckle]

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By Tax Dragon
18th May 2024 06:46

Aside from such a property being outside the scope of ATED, why does your company want a property in Dubai?

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By Matrix
18th May 2024 07:09

I don’t think setting out to break the law in this kind of place would be a great start.

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Replying to Matrix:
DougScott
By Dougscott
18th May 2024 09:18

I do believe they still have the death penalty in the UAE and it is carried out by firing squad. Who said HMRC are harsh?

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the sea otter
By memyself-eye
18th May 2024 13:46

Dubai many houses?

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Replying to memyself-eye:
RLI
By lionofludesch
18th May 2024 14:13

memyself-eye wrote:

Dubai many houses?

Oh ..... lovely.

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