Business Asset for Holdover
I have a client who runs a marina via a Ltd co.
They offer moorings for short term and long term pleasure cruisers and winter storage. No retail or engineering facility.
The land worth £850,000 is owned by one director.
Can he transfer the land to the company and claim holdover under s.165 TCGA? I can't see any reason why not?
The main reason will be to claim 100% BPR on the value of the co. shares rather than just 50% as is.
To clarify the land includes the moorings, a car park for customers and an office, that the business is run from. It also includes an area for winter boat storage.