Any property tax experts you can recommend please?

[mpppen]

Hello,
We have a small BTL portolio of five properties. Some are in our personal names and the latter ones in a property company we set up a few years' ago when the tax rules changed.

I'd really like to find someone who can advise us of the best way of either bringing the personal ones into the company or divesting the ones out of the company.

Does anyone on here have some personal recommendations please?

Many thanks.

[jpkeates]

We're not allowed to give out recommendations or warnings other than by personal message.

But that situation should be bread and butter to any decent local accountant.

[loanarranger]

Might I suggest you go onto the Chartered Institute of Taxation web site and source a member close to you, call and establish if they have specific expertise in relation to property investment taxation.

[Gordon999]

You can find local tax advisors advertising in the yellow pages or local telephone directory. Get a quote for consultation before you decided which one to consult.

Properties held under personal name can be transferred to your company by sale using loan from Director. You ( the seller) will be liable to capital gains tax after the sale. Before you proceed , you need to get a market valuation of the property done by a RICS Surveyor ( on the low side ).

Properties held under company name can be transferred to yourself by sale but you need to consult the accountant on how to close the company.

[Flashback1966]

Most people start with trying to save tax. However, you need to look at this differently. Before embarking on this journey, you need to start with Why you are doing this? What is your life aim? What is your goal?. You need to plan for multiple scenarios.

[SouthernDave]

Most people start with trying to save tax. However, you need to look at this differently. Before embarking on this journey, you need to start with Why you are doing this? What is your life aim? What is your goal?. You need to plan for multiple scenarios.

Exactly right

[mpppen]

Thanks.
Ideally I'd like to keep the three properties owned personally and give the two in the company to the kids. Yes, I could make them directors but I'd rather they owned them personally so they're on the ladder as individuals as opposed to BTL'ers.

If that's unfeasible then I thought I'd bring the three owned personally into the company and sell one to the kids which I'd fund but they'd get first time buyer relief.. I know what I want to do, I'm just looking for advice on the best way to achieve it.

Thanks for the comments.

[Gordon999]

Have the properties held in the company increased in value much ?

You could gift the shares in your company to your kids but before proceeding, you would have to obtain the current valuation ( lowest value from a local RICs surveyor ) . You would have to pay cgt on capital gains after gifting of the disposed shares.

[mpppen]

Thanks again and sorry for the late reply. Appreciate the help.

[Flashback1966]

Passing to your kids is messy. It is better to give a property each, rather then have joint ownership. This avoid family conflicts in the future, where one child, wants to refurbish the property and the other does n't because they want the cash. Also, you need to protect assets in case of divorce etc...

[Trevor62]

Can I ask, what is the minimum age you can give property to your children?

[Gordon999]

Child must be atleast 18 years old. to register property in child's name

[Trevor62]

Child must be atleast 18 years old. to register property in child's name

Is there another way to make sure they get my property, before they reach 18?

[jpkeates]

Yes, a trust of some kind.
But that can be quite complicated.

What's the issue?

[Gordon999]

This thread posted on taxcafe may be helpful :

https://www.taxcafe.co.uk/resources/..._children.html