AO HALL is linking up with an award-winning UK law firm to look at the impact of tax changes on high value property.
In March this year, the UK Government announced plans to change the tax regime applicable to companies owning residential property in the UK worth over £2m, which are known as High Value Property.
AO Hall is teaming up with TLT, which has been recognised by The Financial Times as one of Europe’s most innovative law firms, to jointly host a seminar, which will look at the proposed changes in more detail and highlight both the risks to corporate owners of High Value Property and also the possible solutions available to help mitigate those risks.
‘There are a large number of companies in Guernsey that directly or indirectly own High Value Property that will be directly affected by the proposed tax changes and which may result in increased SDLT and CGT exposure. Therefore, it is vital that the financial services providers for those companies prepare for the changes and think about the options available to reduce clients’ exposure to SDLT and CGT before they are implemented,’ said AO Hall associate Stephen Ozanne.
The changes are expected to include a 15% SDLT charge on purchases of High Value Property through companies, an annual SDLT charge on High Value Property owned by companies, a capital gains tax charge on the disposal of High Value Property and capital gains tax on transfers of shares in High Value Property owning companies.
‘We are conscious of the amount of time that it will take to implement effective tax planning given that solutions may involve transferring property ownership, and restructuring mortgages and shareholdings in overseas companies’, said TLT tax partner Patrick Woodisse.
‘We are delighted to be working with AO Hall to help Guernsey businesses achieve this for their clients. Given the narrow timeframe in which we have to work, this relationship could be crucial to clients who need to make decisions and implement solutions quickly.’
The seminar on Thursday 22nd November will include a question and answer session where delegates can ask AO Hall about Guernsey law and ask TLT about UK tax and property law.
There are a limited number of places remaining but anyone wishing to reserve a place can do so by calling Karen Le Blancq on 723723 or emailing firstname.lastname@example.org
Category: Finance & Business