Stamp Duty – First Time Buyer – Company Buy to Let?
10:14 AM, 12th August 2021, 5 years ago
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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
5 comments on this article
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Member Since January 2011 - Comments: 12255 - Articles: 1479
10:18 AM, 12th August 2021, About 5 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
Member Since February 2011 - Comments: 3462 - Articles: 286
10:20 AM, 12th August 2021, About 5 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.
Member Since April 2020 - Comments: 8
3:52 PM, 13th August 2021, About 5 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
Member Since January 2011 - Comments: 12255 - Articles: 1479
4:01 PM, 13th August 2021, About 5 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/
Member Since August 2024 - Comments: 1
12:04 PM, 11th August 2024, About 2 years ago
Hi all, just wanted to check this is still valid in 2024. In the same situation myself. Many thanks