I have a client who wants to gift their personal residence which is going to become a buy to let.
The company is owned primarily by the wife whilst jointly held by the couple. It is unencumbered. The reason to do so is if it forms part of the portfolio they can raise more funds than if its let on its own (based on their financial advisor feedback due to other incomes). With that in mind they are exploring this option.
Would there be SDLT on this transaction? I understand gifting unecumbered doesnt encouter SDLT person to person but not sure if the same applies person to company. Also they are hoping to get back the 3% they will pay on their new home. Property is worth circa £800k.
Also for CGT it would be tax free as it was their personal residence up till now and they are due to move out next month and then do the transfer.