A client has a ltd co, one property renovated (the company was set up to renovate and sell property but only has one) and needs to sell but can only sell to himself as there are no buyers, it is worth 1m. The interest on the loans will make the company insolvent in one year. Is there any way of getting the property out of the ltd co to himself without paying stamp duty. He has been offered a mortgage on which the interest is substantially lower than the business loan.
Leonard Brown
Replies (1)
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Refinance the company
No way of avoiding stamp duty AFAIK.
How about refinancing the company loan with a personal loan under ITA07/S392?
http://www.hmrc.gov.uk/manuals/remanual/RE421.htm
NeilW