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Hi all, I currently have a property under my name and wanted to move it into a Ltd company before the tax changes take place in 2021. Is there anyone who I could get in touch with, who could offer me advice on the best way to carry out this move? Thank you
(*Moderator note: Comment removed as member has not passed probation and therefore cannot share contact details*).
(*Moderator note: Comment removed as member not passed probation and therefore cannot share contact details*).
First its not a Transfer
You are selling your property to a Company which you are the shareholder
all the costs of a normal sale Solicitor
The Company will purchase the property and it will have all the costs on purchase
I have just arranged the sale of a property into my Co
Solicitors cost of sale £500
Valution fee £370
Arrangement fee Mortgage £1000
Stamp Duty 3% £1875
CGT Nil because I have not gone over the allowance of £11500
So in round figs its cost me £5245.00
CGT is the killer if you have made a gain so do the figs
Learn Change and Adapt ?????
I have a similar priced property. Would you mind sharing the thought process behind the decision. Cost Vs paying the tax. And ROI affected.
My interpretation of the figures suggest a sale would have been better option.
. Was it unencumbered and very healthy rental cashflow. ? Hence reason for keeping.
The solicitor purchase fees, Val fees and stamp duty lenders fees represent a significant cost which would take a long time to recroup.
1500, 300 + 1000 +
Reintroduce full mortgage interest relief and drop the 3% stamp duty surcharge
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*Every Action or Inaction has consequences.
The tax changes (S24) have already started this year, but are being phased in: 25% in 2017/18, 50% in 2018/19, 75% in 2018/20 and will be fully in effect in 2020/21.
Our family has various HMO and are collectively consolidating into a Limited Company. As two of the younger sons have never owned a property nor have had any interest in any property would the directorship of a property owning company preclude them from the under 300k stamp duty concession should they buy a house for their own residence?
If they are share holders they would also have to pay the additional 3%
Hi Harsh,Our tax partner RITA would be delighted to assist you. Click on the banner at the top of the thread for details.
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