International Sale of a Foreign Company (UK) shareholding.

A mate and I (both Australians , working in Australia) have held a very small share (2 percent each) of a limited company in the UK for 4 years and the other majority shareholders are now looking to exit and sell the company for a few million pounds.

I believe, once sold, company tax of 20 percent will be paid in the UK on this. From that, the remaining money will be divided between shareholders and we (Australians) stand to make a small profit (based on our initial investment) of around double the original amount.

In terms of tax implications, am I looking in the right direction studying "foreign income tax offset" agreement?

Either way does anyone know any trustworthy experts on this type of thing who I can talk with in Brisbane?

 

Don't limit yourself to Brisbane. With technology being what it is, get the best advice irrespective of where they are based. @MikeLivingTheDream (from memory) is an Australian and living overseas and has many expat clients. He might be aware of some of the issues in play regarding your situation.

All the best.

 

i used to live overseas but quite conversant with overseas tax issues. If you are Australian tax residents then need to consider the CFC (controlled foreign corporation rules) and Double Tax Treaty between Australia and the UK.

 

Thanks @MikeLivingTheDream , and good point @orangestreet ! I'll have a good read today, but I am in need of advice. Do you offer this professionally Mike?

 

@MikeLivingTheDream I notice you work in Finance, Do you offer advice here or know anyone who understands our situation that you can recommend as solid? Our current Accountants are running for the hills feigning ignorance!

 

Give me a call and ill work out your situation and whether its within my scope of knowledge. If not i have a referral for you.