Hi,
I have run a small Prop Dev Ltd Co. for a number of years as sole director / shareholder.
Buying / Renovating / Selling houses , as trading stock.
It has given me a modest income / profit over time, but I'm considering a change of direction.
At the end of the current year the company has no trading stock, minimal (non cash) fixed assets, no debt, retained profits of around 10k and unused CT losses of about 20k.
The CT losses cannot be carried back and I believe that they would be worthless if I closed the company.
Could I change the SIC code and purchase investment properties with the same Ltd Co. to rent out.
Could I then use the CT losses going forward ?
When I've googled this, the examples I've found are very complicated involving transferring trading stock to investment assets. In my case there would be no stock to transfer.
I have no plans to do so, but would it also be ok to change the company SIC code to trading in some other area of activity, buying and selling widgets or providing a service not related to the property market ?
Thanks
- Home
-
Tax News
- Budgets and Autumn Statements
- Income Tax
- Business Tax
- PAYE and Payroll Taxes, National Insurance, NICs
- Company Taxation
- Savings & Investments, Pensions & Retirement
- Capital Gains Tax, CGT
- Property Taxation
- Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
- Tax Investigations & Enquiries
- VAT & Excise Duties
- Stamp Duty, Stamp Duty Land Tax, SDLT
- International Tax
- HMRC Administration, Practice and Methods
- Professionals in Practice & Industry
- General
- TaxationWeb
-
Tax Articles
- Budgets and Autumn Statements
- Income Tax
- Business Tax
- PAYE and Payroll Taxes, National Insurance, NICs
- Company Taxation
- Savings and Investments, Pensions and Retirement
- Capital Gains Tax, CGT
- Property Taxation
- Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
- Tax Investigations & Enquiries
- VAT & Excise Duties
- Stamp Duty, Stamp Duty Land Tax, SDLT
- International Tax
- HMRC Administration, Practice & Methods
- Professionals in Practice & Industry
- General
- Tax Tips
-
Tax Forum
- Income Tax
- Business Tax
- PAYE and Payroll Taxes, National Insurance, NICs
- Company Taxation
- Savings & Investments, Pensions & Retirement
- Capital Gains Tax, CGT
- Property Taxation
- Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
- Tax Investigations and Enquiries
- VAT & Excise Duties
- Stamp Duty, Stamp Duty Land Tax, SDLT
- International Tax
- HMRC Administration, Practices & Methods
- Professionals in Practice & Industry
- General
- Tax Jobs
- Get in Touch