Thanks, shareholder is no UK res. In terms of consideration, I don't know I wasn't sure he would be able to sell his own company to another company he owns for cash, I just thought it would be book entries/on paper, otherwise he is crystallising capital and no real change in beneficial ownership.
I am not surprised you are confused as my Q was poorly written... the reason for the transfer which I have just had confirmed is below.
The client has other operations based in the overseas country so just wants the one foreign holdco to own all the various subsidiaries as this will assist when it comes to selling. This includes the UK tradeco which will still operate in the UK, I got the wrong end of the stick initially.
Currently there is one individual who owns one UK holdco and one UK sub. Same individual then has similar set up in the overseas country with several subs based over there.
Thank you all and apologies for the poorly written questions.
Essentially yes you can ignore the cycle to work parts! Can a director buy himself a bike through his company and as long he uses it for some business use there are no BIK issues and he can spend as much as he likes in theory?
My answers
Thanks, shareholder is no UK res. In terms of consideration, I don't know I wasn't sure he would be able to sell his own company to another company he owns for cash, I just thought it would be book entries/on paper, otherwise he is crystallising capital and no real change in beneficial ownership.
I am not surprised you are confused as my Q was poorly written... the reason for the transfer which I have just had confirmed is below.
The client has other operations based in the overseas country so just wants the one foreign holdco to own all the various subsidiaries as this will assist when it comes to selling. This includes the UK tradeco which will still operate in the UK, I got the wrong end of the stick initially.
Currently there is one individual who owns one UK holdco and one UK sub. Same individual then has similar set up in the overseas country with several subs based over there.
Many thanks all, much appreciated.
thank you, much appreciated.
Thank you Wanderer, I appreciate my question wasn't written perfectly but you have been most helpful with your guidance.
Thank you all and apologies for the poorly written questions.
Essentially yes you can ignore the cycle to work parts! Can a director buy himself a bike through his company and as long he uses it for some business use there are no BIK issues and he can spend as much as he likes in theory?
Thank you all, but if they are buying it outright would the FCA side of things no longer be an issue?
Thank you so much for your prompt and detailed reply.
Ignore that part, they come up with the conclusion I was expecting.
Should have added, legal advice has already been taken. Payments ('dividends to w') were paid direct to H and not W or even a joint account.
W has no income in theory and the extra has to go to H IMO.