9:06 AM, 1st May 2020, About 4 years ago 7
We purchased land under a company name and built two semi-detached houses. We are trying to re-mortgage the properties, but the mortgage company is asking us to split the title in two so each house will have a title of its own.
Our solicitor has advised of the need to move one house from our company to another entity (like another company) only then will we be able to split the title.
We currently have two companies – 1st company which holds one title (this is the original company) and another that can hold the other title or house (this is our second company)
We would like to know if by moving one house from the 1st company to the 2nd, will we then have to pay stamp duty, land tax or capital gains or any other tax (SDLT)?
Do we have to have the 2nd property as a subsidiary of the 1st company, or wouldn’t that make any difference in regard to tax purposes?