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  • Tax

    SDLT

    My son has one HMO let, (he lives with his girl friend) and is thinking of selling as he has quite some gain and CGT loss to use up.If he buys a new house he will only own one house, he is however the director of a SPV Limited, currently inactive owning no properties. As a director of a property company does that count as a second property interest for SDLT?

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    No.

    Regardless of whether the SPV had property or not he would not own any in his name so he would pay the standard SDLT. When you own a company that owns a property you do not own a property the company does you just own shares in the company.

    However as he is no longer a first time buyer he would not qualify for the FTB reduction.

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    Landlord with 25 years’ experience in the property market and a specialist in tenant referencing, ID and credit screening. Creator of identity, credit and anti-money laundering system ValidID.co.uk

    He would only own a second property if he owns a second property (personal name or company). Owning a company that may in the future hold a property, does not count.

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    _________________________________________________________________________


    My posts are not financial advice but often me rambling - passing time on a coffee break.
    Our team at Bespoke Finance offers Limited Company Buy-to-Let and Cheap Life Insurance.

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    properties held in a company are not counted
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    Debbie Franklin

    Director of Tax Peplows Limited

    CTA ACA FCCA