PIP again.
- Thread starter Milzy
- Start date
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Drago
Legendary Member
- Location
- Suburban Poshshire
I don't know why they would want to, seeing as PIP isn't means tested in any way. You could own Amazon, Microsoft, or a major bank and still quite legally receive PIP.
OP
OP
Milzy
Guru
Why would you ask to put your business in a family members name if you’re doing well? Some kind of tax dodge.
Last edited:
Because it’s about to go bust?
Drago
Legendary Member
- Location
- Suburban Poshshire
All sorts of reasons. Some legit, some possibly not legit but still legal, some possibly dodgy as a politicians expenses claim. Who knows?
But as far as PIP goes it's an irrelevance.
OP
OP
Milzy
Guru
No it’s doing well. And what consequences if it did?
Ming the Merciless
There is no mercy
- Location
- Inside my skull
You are liable for any debts
Do they owe big money to the local dealers.😱
OP
OP
Milzy
Guru
What dividends do you get?
Supersuperleeds
Legendary Member
- Location
- Leicester
Depends on the legal status of the business.
Supersuperleeds
Legendary Member
- Location
- Leicester
Maybe they are concerned about their own health and want to get the business in safe hands?
bikingdad90
Guru
No idea why they would want to transfer a business out of their ownership for reasons linked to PIP, apart from concerns around their estate and so possibly a bit of estates planning.
There are tax consequences of selling/gifting a company to another person and how the persons are connected or not. E.g capital gains tax, gift holdover relief, inheritance tax etc.
There are also legal and accounting implications to ensure proper processes are followed and that the accounting rules are not bent to enact the substance over form rules.
There are tax consequences of selling/gifting a company to another person and how the persons are connected or not. E.g capital gains tax, gift holdover relief, inheritance tax etc.
There are also legal and accounting implications to ensure proper processes are followed and that the accounting rules are not bent to enact the substance over form rules.
