14:01 PM, 11th October 2021, About 2 years ago 2
Hi, My parents will be gifting a property to me in the not too distant future, and I just wanted to gather some advice regarding best practices moving forward with the aim of growing a buy-to-let portfolio.
I am 26 years old and understand somewhat the benefits of doing this within a corporation however was wondering if it was possible to receive the gift directly into the company and if so what are the benefits of doing this? Would any benefit outweigh the negatives of receiving the gift in my personal name, only then to incorporate (stamp duty etc)?
My thinking was to receive the gift in my personal name, refinance and then transfer it (paying any applicable stamp duty) with the view to loaning the company capital for future purposes. Meaning I’d be able to extract future income tax free to the value of the loan rather than receiving the gift directly into the company and being taxed on any extraction of funds which I would need to purchase my own personal purchase as a first time buyer?
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