It must be the sunny weather that makes clients want to avoid CGT and come up with lunatic suggestions
1.A client purchased a property for cash ( legitimate declared) in his own name for £280000,spent £80000 on refurbishing it into 2 flats - it now has a market value of £500000
2. He now wants to transfer the property to a Ltd Company without paying CGT
3. Having transferred it he wants to get a leasehold mortgage on 1 flat in his own name and then rent it out
He thinks he can transfer just the freehold interest into the the ltd co. for a small amount thereby not incurring CGT and won't listen to me when I tell him he cannot because he will then still own the flat and the mortgage co will be paying the the mortgage to the company
Is it me that cannot see the brilliance of the scheme or is it a load of *************
I feel better now I've shared this !!!