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avoiding high rate tax

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    #11
    Does anyone know what the rate on the exit charge is?

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      #12
      Just checked with my accountant who sees no problem with this plan

      Also according to him I can invest in shares or property with company money
      Has anyone done that ?

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        #13
        Originally posted by hugebrain View Post
        Just one. Once you are abroad in the tax haven can't you just take it all out in one go instead of 40K at a time?
        Two reasons for that
        1. Don't want to pay higher rate tax
        2. Don't want IR to chase me in another country for doing a runner with company money

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          #14
          Originally posted by Andy2 View Post
          Just checked with my accountant who sees no problem with this plan

          Also according to him I can invest in shares or property with company money
          Has anyone done that ?
          Has he discussed the different taxation that an investment company attracts? I'm not sure what it is off the top of my head, but there is a different tax regime for a company only doing invesments, which is what you will be doing.
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            #15
            Great thread as I am planning on doing exactly the same thing next year. I dont want to turn the company into an investment company, just bleed it dry over a ciuple of years.

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              #16
              Originally posted by backlight View Post
              Does anyone know what the rate on the exit charge is?
              If I recall it is charged as CGT. The key question of course is whether the company does become non resident.

              You can start your search here:-

              http://www.hmrc.gov.uk/manuals/CG1manual/CG13430.htm

              This is one of the reasons often cited why it can be a poor idea to own property in a company.
              Last edited by ASB; 6 December 2007, 15:04.

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