Can I avoid CGT by sending sales proceeds to the Isle of Man?

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Can I avoid CGT by sending sales proceeds to the Isle of Man?

Question

I am a sole trader with friends in the Isle of Man. Is it possible to sell a property in the UK and send the proceeds to the Isle of Man, thereby side-stepping CGT, and are there any advantages?

 

Arthur Says

Assuming that you are UK resident, it is not possible to sell a property in the UK and send the proceeds to the Isle of Man in order to side step UK CGT.

 

If you are determined to avoid UK CGT you will have to become non UK resident for five full consecutive tax years.

 

 

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