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.
- The complete uselessness of the British banking system 485 10
- Client using boyfriend's personal account 1,280 21
- The process of issuing dividend? 96 5
- Not registered for VAT. Germany wants proof! 71 3
- Pattern for CTA 286 7
- Incorrect Accounts. Is it worth taking action against the old accountant? 1,188 8
- equipment rental 182 9
- Capital Allowances 63 1
- R185 (Estates) in final year of administration 64 2
- SATR won't match P14 - what would you do? 183 5
- Travelling costs claimable? 48 1
- Non-resident employer & employee 75 3
- Claiming salary pre incorporation 155 2
- Write off of former director's loan 910 13
- PPR query 136 1
- Fixed asset registers 265 9
- Quirky thread of the year: Community Awards 559 8
- Tech Champion of the Year 171 4
- Obvious Question but if NOT registered for VAT EU refunds as under minimum amounts, what does an expense get recorded as for UK VAT return? 119 2
- Vat on digital download of music 116 3
- Desperately seeking Susan, Sam or anyone with any other name 1,347
- Darwinpay Partnership Assessment 430
- Alphabet shares 233
- Agent fees to sell business 228
- ACCA continuity of practice arrangement needed 218
- How to reclaim VAT for a non-EC UK visitor 165
- Charge out rates in London 162
- which entity 147
- confusion about 139
- UK tax regime 'attractive' to investors, says KPMG 139