I wanted to buy a property under LTD. I would use this property as my main residence.
My intention would be to live in this property. I would not rent it out in long term or at least for 10 years.
I would be the main and the only director of this company.
What are the tax implications?...
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Latest Topics
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Channel: Tax Questions
16-02-2019, 16:52 PM -
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It sounds a bad idea. You'd be caught by both the 3% SDLT surcharge and, when you sell, corporation tax on any capital gain. In addition, I would guess it'd be difficult getting a mainstream mortgage for this arrangement (you may need to go to a specialist lender which would charge rather higher interest...
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Channel: Tax Questions
17-02-2019, 17:41 PM -
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I would say benefit in kind at the full market rent.
It will probably also ring alarm bells at HMRC, so your tax position would need to be watertight.-
Channel: Tax Questions
17-02-2019, 10:41 AM -
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Not much of that makes any sense.
I'd talk to an accountant.
When you own the property you live in, there's neither income or expense, so tax isn't, generally, relevant.
Owning the property you live in via a company will be next to impossible if you want a mortgage.-
Channel: Tax Questions
17-02-2019, 10:26 AM -
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Hi All
I am selling a BTL which is currently in my name only. In order to reduce the CGT would I need to transfer the title to include my wife or would a deed of trust suffice?-
Channel: Tax Questions
08-02-2019, 09:32 AM -
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I am no expert - but I think that if HMRC believe you have transferred the property to avoid CGT they can charge the full amount anyway. HMRC always want their pound of flesh....
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Channel: Tax Questions
13-02-2019, 12:00 PM -
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Hello,
I am the sole owner of a property, which is mortgaged. As a higher-rate tax payer I wish to transfer the beneficial interest of this to my wife, who is currently unemployed (full time mum). This will take effect from April 6th 2019.
Beneficial Interest
Do I need...-
Channel: Tax Questions
14-01-2019, 09:56 AM -
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Once transferred you wife will need to tell HMRC she is in receipt of income from renting a property out and fill in a self assessment form even if there is no tax to pay.
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Channel: Tax Questions
13-02-2019, 11:26 AM -
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I know variations on this question have been asked before, so will keep it brief.
We jointly own a rental. My share of income needs declaring on tax return, no question.
But my wife has no other income.
Does she need to declare it, as it's well below her allowance. I've read that anything...-
Channel: Tax Questions
12-02-2019, 18:38 PM -
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Reply to Wife's tax liabilityYour wife should tell HMRC about her new source of income.
They will decide how she needs to report her income - it may be a self assessment return or it may be less formal.-
Channel: Tax Questions
13-02-2019, 09:41 AM -