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Where Taxpayers and Advisers Meet

Transfer building land to a limited company

Allenby2020
Posts:3
Joined:Mon Nov 16, 2020 5:24 pm
Transfer building land to a limited company

Postby Allenby2020 » Thu Feb 08, 2024 12:31 am

Few years ago I was gifted a house which has a large back garden, since then I have acquired planning permission and I will be building the properties myself. I have been told to transfer the plots to a limited company and then sell the house after and claim Ppr relief and then I will use the tax free money to build the new houses.

My questions are:

How to I go about transferring the plots?
What taxes will I have to pay and how are they calculated?
Do I need an accountant for this or should I just use a solicitor when I have created a limited company?

Cheers

bd6759
Posts:4234
Joined:Sat Feb 01, 2014 3:26 pm

Re: Transfer building land to a limited company

Postby bd6759 » Thu Feb 08, 2024 9:24 pm

Ask a solicitor

Any gain might be taxable. Allowable costs determine on a just and reasonable basis.

Solicitor for legal things, accountant for tax and money things.

pawncob
Posts:5082
Joined:Wed Aug 06, 2008 4:06 pm
Location:West Sussex

Re: Transfer building land to a limited company

Postby pawncob » Fri Feb 09, 2024 10:55 am

If only life was that simple, we wouldn't need accountants.
With a pinch of salt take what I say, but don't exceed your RDA

AGoodman
Posts:1716
Joined:Fri May 16, 2014 3:47 pm

Re: Transfer building land to a limited company

Postby AGoodman » Wed Feb 14, 2024 5:25 pm

Also probably SDLT - you will need to take advice on whether it is classed as residential or non-residential as it is a close call (being part of a residential garden albeit without any buildings on it).


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