Forming a company for all my assets

[tim123]

I'm thinking of registering a company and putting everything through that:

.Investment properties I will buy in 2008
.Shares I will buy in 2008
.Any assets going forward

My reasons for doing this are:

. Pay less tax

Of course this doesn't work as a tax saving plan.

If it did, everybody would be doing it.

But they aren't (in fact, except in a few special cases, nobody does), so it can't work, can it?

(I do actually know why it doesn't work, but I'm just giving you the simple answer)

tim

[threaded]

Erm, actually lots of people use Panamanian companies for just such a purpose.

Allegedly.

[aussielong]

Trust

Of course this doesn't work as a tax saving plan.

If it did, everybody would be doing it.

But they aren't (in fact, except in a few special cases, nobody does), so it can't work, can it?

(I do actually know why it doesn't work, but I'm just giving you the simple answer)

tim

Why doesn't it work?

How can use of a Trust improve things?

[BrilloPad]

I'm thinking of registering a company and putting everything through that:

.Investment properties I will buy in 2008
.Shares I will buy in 2008
.Any assets going forward

My reasons for doing this are:

. Pay less tax
. Avoid losing half of my assets if I marry and later get divorced

Is this a reasonable plan? Especially the marriage bit. If i'm technically only an employee/director/(?) of the company, and the company owns the assets - will she be able to get 'er 'ands on them in a divorce?

no way round it - courts will see straight through that one. REcenly assets in an offshore trust had to be included - so the mrs got an extra £50m(Duffield?).

Also, if you folks help you out and you get divorced then they cant just stop!

If she has kids you will be looking at 70% of your assets lus 50% of income plus child support.

I suggest you dont get married. And if you are married DONT have kids.

[BrilloPad]

Yes they do, some guy won a case just the other day based on a pre nup. Doesnt guarntee anything, but it is at least a factor.

total rubbish - I have an article coming out on hereisthecitynews on Tuesday which will de-bunk this myth.

[BrilloPad]

A socialist government will never let a "poor" woman (down trodden oppressed by men) lose out financially to a "rich" man. It's all about "fairness".

Hence pre-nups are powerless. Any court win will be overturned at appeal and cost you dearly.

If you want you believe in a pre-nup, go ahead. You are deluding yourself.

HTH

good post - this is it in a nutshell

[Sockpuppet]

Obviously, don't use a UK-reg company, go offshore (non-EU) and hope for the best. I've told a lot of ex-GFs after our first intimate meeting that I was a previous bankrupt with no assets after - you should see how quickly they got up, put their clothes on and were gone!

Funny. Telling them I am a lorry driver does the same. But its also part truth

[BrilloPad]

Funny. Telling them I am a lorry driver does the same. But its also part truth

wasn't there a viz lorry-driver character? The gag being that they are all serial killers - stopped by police and fined for being under their body count quota etcetc...

Is it that which puts them off?

[tim123]

Why doesn't it work?

How can use of a Trust improve things?

Because

a) the company has to pay tax on any profits.

b) to actually benefit from the items in the company, you have to remove them from the company and you will pay the tax then.

tim

[SueEllen]

no way round it - courts will see straight through that one. REcenly assets in an offshore trust had to be included - so the mrs got an extra £50m(Duffield?).

Also, if you folks help you out and you get divorced then they cant just stop!

If she has kids you will be looking at 70% of your assets lus 50% of income plus child support.

I suggest you dont get married. And if you are married DONT have kids.

I though the advice from top divorce lawyers was:
a. marry someone as rich or richer than you.
b. don't have kids
c. don't sign a pre-nup
d. get divorced in England and Wales particularly if they are either richer than you or you signed a pre-nup.