I'm not sure how much of an easy question this will be to answer but I'm hoping that one of you can help me out as I've asked a few people now including my bank manager and few accountant but neither seem to be sure of the best way to proceed.
If 3 properties each worth 350K (mortgage free) is in a limited company with 2 directors (A & B) and A is a 82 yers old is a major shareholder in the Ltd company.
Can A set up a holding company 100% owns by her and transfer the property to holding company by share swap? My understanding is there wont be any stamp duty and CGT as it is a transfer between group companies.
The intention being that Director A is 82 years old lady and Director B is young and he may take over everything if something happens. It hasten to add, I don't see this being a likely scenario but I want to ensure that her only daughter is protected in the event of a worst case scenario one day. Her only daughter is mentally ill and in nurshing home.
What will happen to the old company? will it be Dormant then? Can A then close the old company? What will happen to Director B?
Thanks in advance for your help.
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