Inherit Property into Ltd Company

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Hi,

Myself and my sister inherited my mothers porperty last year.  It has a small mortgage on it and we got a consent to let and have been letting it out since her passing, we have not changed the titles, mortgage etc.  My sister would now like to be bought out to buy her own house and I would like to keep it and continue letting.

Since I am a 40% tax payer I would like to move it into a company as I want to grow a portfolio.  Ive been told by my solictor that I can only achieve this by first moving the house into my personal name then into a company.  This would incur around £20k in SDLT! 

Im curious if there is anyway a property can be moved directly into a Ltd company by not doing the above structure?

Replies (12)

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By mrme89
16th Jan 2018 11:40

This website is a website for accountants to help one another and is not intended to be a place for taxpayers to obtain professional advice free of charge.

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Replying to mrme89:
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By BradSherwin
16th Jan 2018 11:57

mrme89 wrote:

This website is a website for accountants to help one another and is not intended to be a place for taxpayers to obtain professional advice free of charge.

I respect that and that is why I'm asking if it CAN be done not HOW. I'm trying to reach to a wider audience for an opinion.

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Replying to BradSherwin:
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By Accountant A
16th Jan 2018 17:21

BradSherwin wrote:

I respect that and that is why I'm asking if it CAN be done not HOW. I'm trying to reach to a wider audience for an opinion.

Yes it can. An accountant will tell you how and also explain the many other issues that can/should be considered before proceeding.

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By andy.partridge
16th Jan 2018 11:47

I'm curious. Would you trust strangers on the internet more than your solicitor?

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By Portia Nina Levin
16th Jan 2018 12:09

It's "me and my sister" or "my sister and I".

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Replying to Portia Nina Levin:
By ireallyshouldknowthisbut
16th Jan 2018 12:34

Pft. Its always "my sister and I" unless you is common like what I is.
Then it's "me 'n' me sister, innit".
Swiftly followed by, "you looking at me sister?"
As it happens its hard not to, she is the size of a small horse from her "fatty foods & bottle of wine a night" diet.

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Replying to ireallyshouldknowthisbut:
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By DJKL
16th Jan 2018 13:04

@ireallyshouldknowthis but

Does your sister read A Web ? You are far braver than I would ever be.

Life experience has taught me that making any comment re weight and the fairer sex can be fraught with difficulties and is a subject of conversation best avoided, even if the conversation is instigated by the other party. (sometimes especially)

If you are of then same sex then maybe you can get away with such a conversation but if you are not then if the topic is raised or even merely hinted at you need to make a noise that says nothing, exit the room quickly and in an ideal world take refuge in a shed , the attic, the garage or similar until the danger has passed, but on no account ever answer the question:-political interview training can assist re this latter so if in danger maybe stand as a Member of Parliament, this could be a win win as could also give you somewhere else to run to if the question/subject ever arises.

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Replying to ireallyshouldknowthisbut:
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By Dib
16th Jan 2018 13:15

Tosh, it can be "my sister and me" depending on the rest of the sentence! For example "The house currently belongs to my sister and me"

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Replying to Dib:
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By Portia Nina Levin
16th Jan 2018 14:20

"Me and my sister" or "My sister and I".

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Replying to ireallyshouldknowthisbut:
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By Portia Nina Levin
16th Jan 2018 14:22

Oh please exercise a little fuching decorum!

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By Tax Dragon
16th Jan 2018 12:49

And I'm curious. You have been fortunate enough to inherit a mortgage. I think that's not commonplace.

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Replying to Tax Dragon:
By Duggimon
16th Jan 2018 16:49

When I die I'm leaving my house and my mortgage to two different people.

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