Recent tax reforms affect both existing and new look-through companies. Changes to the eligibility criteria mean that a number of companies have ceased to be look-through companies from 1 April 2017. Accountants and lawyers will need to review their clients’ structures, including the trust deed of any trust that holds shares in a company, to check that those companies are still eligible to be look-through companies. Unexpected tax liabilities may arise for those companies that no longer meet the eligibility criteria.
This webinar considers a number of practical issues that arise with look-through companies, with a particular focus on recent tax reforms. These reforms include changes to the look-through company eligibility requirements, the calculation of income on conversion of an ordinary company to a look-through company, the tax treatment of remission of debt, and the scope of the loss limitation rule.
Other topics covered will include the use of look-through companies for cross-border investment, who can hold shares in a look-through company, how payments made by a look-through company to a “working owner” are taxed, how to deal with distributions and overdrawn current accounts, and the tax consequences of transferring shares in a look-through company.
Junior, intermediate and senior accountants, and lawyers who advise clients on structuring issues.
4 May 2017
Stephen Tomlinson, Partner, Tomlinson Law
1.25 CPD hours