Stamp Duty – First Time Buyer – Company Buy to Let?

Stamp Duty – First Time Buyer – Company Buy to Let?

10:14 AM, 12th August 2021, About 3 years ago 5

Text Size

Hi everyone, I have a question and would appreciate some help on this.

I have never owned a property before, and I am looking to purchase a Buy to Let property under a limited company.

When it comes to buying my own house, in my own name, I am wondering if I will still have the right to the stamp duty relief for first-time buyers?

Many thanks

Pan


Share This Article


Comments

Mark Alexander - Founder of Property118

Become a Member

If you login or become a member you can view this members profile, comments, posts and send them messages!

Sign Up

10:18 AM, 12th August 2021, About 3 years ago

Yes you will still qualify for First Time Buyers relief when you buy a home to live in but the 3% additional rate of Stamp Duty will be payable when your company makes the acquisition

Neil Patterson

Become a Member

If you login or become a member you can view this members profile, comments, posts and send them messages!

Sign Up

10:20 AM, 12th August 2021, About 3 years ago

The answer to this question is yes you will get the first-time buyers stamp duty relief as the BTL purchase is in the name of the company not yours.

However, the company will pay the Additional 3% rate when it acquires the BTL property.

Jayemgee

Become a Member

If you login or become a member you can view this members profile, comments, posts and send them messages!

Sign Up

15:52 PM, 13th August 2021, About 3 years ago

Yes correct Aslong as you individually purchse your residence you get 1st time buyer relief and I would stagger the transactions and get that done 1st. Then you can purchase the BTL but #3% tax is due whether in your name or a compoany.
You need to take lots af advice as the tax structure for a company demands much understanding and is NOT the correct thing for everyone. You will have to deal with Corporatin Tax, Companies House, getting a business account & preparing annual accouts through an accountant. At present many banks are refusing to open Business accounts. I had a great del of difficulty even though it was my personal Bank. So check everything out properly.
Ex HMRC employee

Mark Alexander - Founder of Property118

Become a Member

If you login or become a member you can view this members profile, comments, posts and send them messages!

Sign Up

16:01 PM, 13th August 2021, About 3 years ago

Reply to the comment left by Jayemgee at 13/08/2021 - 15:52
Our partners at Tide can open company bank accounts for Property118 members in a matter of minutes - see https://www.property118.com/open-a-business-bank-account-in-minutes/

Peter Brandreth

Become a Member

If you login or become a member you can view this members profile, comments, posts and send them messages!

Sign Up

12:04 PM, 11th August 2024, About 2 months ago

Hi all, just wanted to check this is still valid in 2024. In the same situation myself. Many thanks

Leave Comments

In order to post comments you will need to Sign In or Sign Up for a FREE Membership

or

Don't have an account? Sign Up

Landlord Automated Assistant Read More