Transferring a Freehold commercial building to a LTD company
I own a freehold petrol station and MOT garage, the long term tenant is now gone and its vacant, I have plans to redevelop it however the planning I have achieved so far is not particularly profitable. I am keen to transfer it to a LTD company.
My questions are as follows:
1. If I transfer it to the LTD company at say 300k is stamp duty payable and at what rate.
2. I originally paid 500k for it can the 200k loss be used to offset capital gains on the sales of another property not in the LTD company.
3. Do I have to physically transfer 300k to my accountant to buy the property in the LTD company name then he transfers the 300k back to me?
Mike
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Additional gentleman friend?
Member Since February 2011 - Comments: 3453 - Articles: 286
2:26 PM, 4th January 2016, About 10 years ago
Definitely sounds like you are in need of a good accountant Mike.
Please see >> https://www.property118.com/tax/