Set against other profits??
It could only be deducted from the sale price when sold?
Do you mean the tax can only be deducted when sold?? Until sold it remains an untaxable asset??
Its pretty simple if you have other income that is taxable you cannot set cost of purchase of property against that other income around the time of purchase.
The cost of the property is not allowable against anything until the property is sold at which time the cost price will deducted from sales proceeds and the company will be taxed on the difference - unless the company has losses than can be used (not all other losses the company has may be allowable if they exist at that time)
A taxable benefit in kind?
I would get taxed?? On what, rent??
Apparently there is no such thing as a stupid question... But I feel stupid! Lol
The company is a different legal entity to you - its easier to say it would be more akin to an employer than you for these benefit rules.
If an employer gives an employee keys to a house for personal use the employee get taxed on that benefit - probably on market value rent that would have been charged.
The same principle applies to you if the company gives you use of the property and doesn't charge market value rent then you will have a benefit charge that must be administered by the company via payroll deduction or completion of p11.
running a company gets complicated quickly and particualrly so if any has dual business and private use - thats annoying as mobile phones / computers / cars / tools and equipment / home office etc - all tend to have business and private use and there are always somewhat technical aspects to how these expenses can or cannot be claimed and how private use adjustment is made