My client is a life tenant of a trust. The trustees hold 100% of the shares of a BVI company which has recently sold a major part of its business and now wishes to repurchase its own shares. The question has arisen as to whether the funds extracted would be income or capital for UK tax purposes.
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
My client is a life tenant of a trust. The trustees hold 100% of the shares of a BVI company which has recently sold a major part of its business and now wishes to repurchase its own shares. The question has arisen as to whether the funds extracted would be income or capital for UK tax purposes.
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes: