Why have property owners not come together and taken this double taxation to the court, don't understand why someone has to pay 40% inheritance tax from their own savings from salary on which they have paid tax already, cgt i can understand but not inheritance tax.
A limited company is it’s own legal entity. It is not possible to convert a limited company into a trust. You can move the shares of a limited company into a trust as an alternative
Moving Property into a limited company will incur capital gains tax and stamp duty land tax. You can use the incorporation message to move a property portfolio into a limited company but there will be significant cost in doing so. Capital gains tax may also be reduced if you have lived in the property
If people only own one property but considering getting another one. Would it even be worth have one in the limited and one residential?
It depends on the needs and wants of each individual. There is no one answer that fits all
Why have property owners not come together and taken this double taxation to the court, don't understand why someone has to pay 40% inheritance tax from their own savings from salary on which they have paid tax already, cgt i can understand but not inheritance tax.
I agree ☝️
Is it possible to switch ltd into a new trust? Only with one director.
A limited company is it’s own legal entity. It is not possible to convert a limited company into a trust. You can move the shares of a limited company into a trust as an alternative
Married and jointly own a property. We also have ltd Co for other properties. Can we move our personal property into ltd without sdlt /cgt?
Moving Property into a limited company will incur capital gains tax and stamp duty land tax. You can use the incorporation message to move a property portfolio into a limited company but there will be significant cost in doing so. Capital gains tax may also be reduced if you have lived in the property
@UK-Property-Tax so in short, yes, with a £10-20k fee? As stated in the video. Some more clarity on this would be very interesting
Please get specialist advice on this as it is a case by case basis