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Where Taxpayers and Advisers Meet

transfer title deed/ company transfer

joszzz
Posts:9
Joined:Wed Aug 06, 2008 3:03 pm

Postby joszzz » Mon Apr 07, 2003 9:36 am

Hi,

Me and me brothers have three houses all bought by my father

House 1 has on the title deed me and my dad's name

House 2 has on the title deed my fathers name

House 3 has on the title deed my fathers and my brother's name

My father doesnt pay any tax in the uk as he works in africa.

my question is as follows;

I want to consolidate the three houses into a company (with a further view to mortgage then , release equity etc...)

1) Would we(I) have to pay any CapitaL Gains Tax If you would remove one person from the title deed?(aplies to the two houses with two names on the deed)

2) Is there a tax efficient way of moving the three houses into a company trying to avoid Capital gains tax?

3) any more suggestions?

Many thanks,
Jos

Neale
Posts:39
Joined:Wed Aug 06, 2008 3:02 pm

Postby Neale » Mon Apr 07, 2003 3:05 pm

Transfers such as these are usually deemed to have occured at market value, so the donor has been living there PPR relief may well apply, but beware the provisions of 'gifts with reservations of title'.

Have you also considered that future gains (if any) may be charged to corporation tax if you transfer properties into a corporate body? And then charged at 22.5% (net) for distribution to higher rate taxpayers from,the company.

The above, and more suggest advice is a worthwile investment.

neale@coules.com


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