Stamp Duty Land Tax Question
A UK situated holiday rental property is owned by an offshore company. SDLT was paid on the original purchase by the offshore company.
The director shareholders want to raise a mortgage on the property, and have a mortgage offer from a UK building society, provided the property is UK owned.
Can the transfer of ownership to the UK be achieved without incurring SDLTagain?
From a practical (non tax) point of view. there wouldn't be a problem with the property being transferred to one of the offshore company shareholders, who is non UK domiciled but has a UK passport.
Alternatively could it be transferred to a UK company?
Final point is the original SDLT was on a much lower value than the value now, as the property has undergone significant development.
- Legal title not in the company name 321 12
- Redundancy pay for directors? 500 14
- Has anyone read the implications of the Lisbon treaty? 884 19
- Opening Balances 66 1
- Companies Made Simple Dashboard? 203 2
- Employment Allowance 244 3
- simple one...capitalisation of legal fees on purchase of business 170 4
- CIC Company 531 7
- Have I dropped a major clanger? 1,361 21
- VAT online filing exemptions 305 4
- NALS Accountants Report 133 1
- Do I need to report this to SOCA 3,490 35
- Dividend dates 581 10
- Sole properietor 219 4
- transitioning payroll 265 8
- dividend proposals 152 2
- How to reclaim VAT that was missed off previous invoices? 258 2
- Deduction from Salary 321 8
- PPR exemption - can it be due on a bigger area than 0.5 hectares? 225 2
- Can I take action against my accountant for incompetence? 2,765 60
- Property exchange - 8-year legal delay following fall-out 626
- Cancelled 367
- SAGE Payroll Data for Import to MS Dynamics AX 346
- Cancelled 314
- Have you staged yet for auto enrolment? 285
- Probiz 275
- Free-standing washing machine - unfurnished lettings 236
- VAT on non-profit making clubs (ECJ VS West Dorset Golf Club) 232
- Phishing emails purporting to be from CIPFA? 207
- Is this UK incapacity benefit taxable in UK or Jersey? 178