If I transfer my principal private residence to my wholly owned limited company, presumably I will incur Stamp Duty Land Tax!
Can I sell it for an artificially low amount to extinguish stld?
Colin
Replies (1)
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No
As you will be selling the land to a company that you will control, or it will be issuing shares in exchange for the land and buildings, you will be caught by s53 FA2003 and market value will have to be used to determine the SDLT liability.
There has been some press discussion about using companies to own residential land but it only avoids the liability where the land is already inside the company.