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The free consultation request you submitted provides guidance on the optimal ownership structure for future acquisitions. However, if you already own other UK rental properties you may wish to understand whether there is a better ownership structure for those properties too.
Your ultimate objective may well be to transfer ownership of those properties into your Smart Property Company structure, but the viability of that will need to be considered very carefully. For example, you may well have questions such as:
- Will Capital Gains Tax be payable when you transfer the properties from the existing ownership structure are there reliefs available to mitigate this?
- Will Stamp Duty Land Tax be payable when you transfer the properties from the existing ownership structure and are there also reliefs available to mitigate this?
- Will new financing be necessary or is there a way to avoid this, so that you can avoid early repayment charges,
arrangement fees and retain competitive existing mortgage products?
- Are there any alternative ownership structures you should consider for your existing rental properties and what would the costs and benefits of transitioning be?
The scope of our free consultations, to discuss Smart Property Company structures, does not extend to providing that level of guidance. However, for a fixed fee of £400, a significantly more comprehensive review is available and a bespoke report and recommendations will be produced. This will also include links to the relevant HMRC manuals and legislation, so that you can share our findings and recommendations with your accountants and/or other professional advisers, should you wish to do so.