Second home SDLT - first property owned by Ltd Co

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Second home SDLT - first property owned by Ltd Co

    Hope somebody can point to a definitive answer because I cannot find anything anywhere!!

    I am one of two shareholders in a limited company which owns a residential property for letting.

    Neither I nor my partner own any other property in either of our names name or via any company / trust etc etc.

    I am buying, jointly with my partner, a home for us to live in. Would this purchase be subject to the 3% surcharge? I.e. would owning the rental property above (through a Ltd Co) 'count against' me for the purposes of the 3% SDLT surcharge.

    Thank you!

    #2
    I can't give you a definitive answer, you need a conveyancer for that.
    A company is a legal person separate to you and therefore it doesn't apply.
    When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
    Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

    Comment


      #3
      Thank you, that would seem the answer to me too.

      Comment

      Latest Activity

      Collapse

      • Will they raise taxes again?
        by JK0
        My accountant just finished my 2020/21 tax return, and my income is half of the previous year. I did not think it would be quite that bad. (Half my tenants moved out, and I had a job to replace them. Plus had to get fourteen EICR's!)

        I'm guessing you guys are in a similar boat. Never mind...
        27-11-2021, 20:20 PM
      • Reply to Will they raise taxes again?
        by JK0
        The EICR's cost around £12k in total....
        27-11-2021, 22:48 PM
      • Reply to Will they raise taxes again?
        by Neelix
        14 EICRs isn’t going to dent the income from 14 properties

        its the void periods that cost you...
        27-11-2021, 22:37 PM
      • Reply to Corporation Tax
        by Thurrock1
        jpkeates,

        the other directors can't withhold information from them - I am my husband's agent as he has dyslexia and has difficulty with all this. This has been explained to the director but he does not like me and chooses not to recognise in that case anything I/my husband writes.
        ...
        25-11-2021, 09:39 AM
      • Corporation Tax
        by Thurrock1
        Hi, Please can someone tell me if Corporation Tax only becomes payable to the IR on sale of an asset.
        My husband is a director of a property development company - there are only 3 directors.
        He wants to leave and there is no communication with the other directors and it is difficult to get...
        23-11-2021, 19:15 PM
      • Reply to Corporation Tax
        by jpkeates
        If your husband is a director, the other directors can't withhold information from them; unless there are some very specific rules in the company articles - and they wouldn't normally be appropriate in a property development business (which are usually set up with boilerplate documentation).
        The...
        24-11-2021, 18:36 PM
      • Reply to Corporation Tax
        by theartfullodger
        IR (The Inland Revenue) were dissolved April 2005. Advise against sending them payments....
        24-11-2021, 17:50 PM
      • Reply to Corporation Tax
        by Thurrock1
        Thanks Gordon999. I have been phoning around about this today. This is a property development Ltd co. it had problems and so in 5 years only managed to develop 1 property - a house into flats. My husband owns one third of the company.

        It is not being sold. The other directors need to...
        24-11-2021, 17:47 PM
      • Reply to Corporation Tax
        by Gordon999
        The company pay CT on the "trading profit" reported in the annual accounts.( which are filed annually at Companies House).

        After the asset (the building) has been sold, the trading profit will be reported in the next annual accounts by accountant and CT will be payable to...
        24-11-2021, 11:33 AM
      • Reply to Student HMO and Holiday let
        by Neelix
        In most areas student houses don't pay council tax ....... move in a "non student" and Council tax will apply
        18-11-2021, 07:54 AM
      Working...
      X