The Evil That is Tax
 

I have applied for PR and will be moving over in August on a student visa.

I am selling my business here in the UK and need advice re. tax

Does anyone have any useful links that can help me out?

I am looking for the best way to move the proceeds i.e. pay tax in UK, pay tax in Canada (pay no tax at all? ;) )

Any ideas anyone?
Anyone done the same or similar?

Thanks

Tim

Re: The Evil That is Tax
 

The Revenue Canada website (try goolge.ca search) will give general info on tax laws Canada style. Hope this helps.

Apparently there is a reciprocal arrangement between Canada and UK which allows you to pay only one set of tax for any income. Don't know about tax evasion methods but I'm sure it could pay for mucho :beer: if successful. Call me a boring old fart / paranoid freak but I like to sleep soundly in bed and not have any hassles/worries in life - I wouldn't jeapordise our PR /possible future citizenship for a few bucks. :scared:

Rich.

Re: The Evil That is Tax
 

Tax evasion is illegal, what you need is a little bit of tax avoidance. Consult an expert!

Re: The Evil That is Tax
 

Since you are selling a business you would have needed an expert anyway. The addition of leaving the country means you need an expert who knows both Canadian and UK taxes. You need help to decide if its better to sell before or after you leave the country.

Mrs G

Re: The Evil That is Tax
 

I think the proper term is tax minimisation. :p

Re: The Evil That is Tax
 

Yes, thank you SimonG, I am aware tax avoidence is illegal.

I'm not looking to do anything illegal, and certainly would not do anything to jeapordise PR/Citizenship. I have worked too long and too damn hard for this move to do that.

I just want to find out if there is a legit way to move the cash and as OzRob says *minimise* the tax.

The business is a family one and all 3 members are selling up their parts (prompted by my move) so I need to be mindful of thier best interests aswell.
Also we have the family business accountant helping, but not so confident on his Canadian expertise though!

I will try and wade through the Revenue Canada stuff then.

Tim