IMI

[offshore owner]

Try the financial pages on the home page. It is correct and I'mafriad your solicitor is little behing the curve as the formula you have described was a proposal that has since been superceded by a flat 5%. It will certainly trigger alternative tax planning arrangements or force people to sell into private ownership with all of the associated cost as described in earlier postings. However a good tax planner will be able to suggest some at least short to medium term measures. It will cost some but no where near as much as suffering a one time hit for SISA / CGT. The Government are not that stupid as their objective was to substantially reduce the number of offshore companies and generate more tax revenue from the existing vehicles, so no it is not that stupid, as you have to say they have achieved their objective as no one will pay a flat 15% to put a new purchase into offshore and then have to pay an annual 5% IMI! But it may well kill off property inflation whilst evryone gets to grips with the new regime.

Try biffa at the e-mail address he gave....


Good luck and don't panic!!!