Property Transferred to Company Directors

[Becks1]

My partner and I are directors of a limited company. The limited company built a house funded by loans from myself and my partner. The intention was to build the house and sell it and repay the directors loans. However when the recession hit we decided not to sell it at a loss but to move in. We would now like to transfer ownership of the house to us as individuals and cancel out the loans. Are we as individuals liable to stamp duty. The value of the house is approximately equal to the value of the loans. Are there any tax implications to the limited company.

[section 44]

You and your partner will be liable to stamp duty land tax based broadly on the market value of the house.

The company will be treated as having disposed of the house at market value and accordingly liable to tax on any profit.