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 11 months ago 4

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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



Comments

Mark Alexander - Founder of Property118 View Profile

10:18 AM, 12th August 2021, About 11 months 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 View Profile

10:20 AM, 12th August 2021, About 11 months 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

15:52 PM, 13th August 2021, About 10 months 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 View Profile

16:01 PM, 13th August 2021, About 10 months 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/

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