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Stamp duty on tansfer of property into limited company?

Stamp duty on tansfer of property into limited...

I have a client who bought a property with a personal mortgage who now wants to transfer that property into a limited company , possibly offshore in Jersey where residence has now been established , raising a commercial mortgage at the same time to replace the personal mortgage . The property has been developed into a commercial enterprise and it makes good tax planning to transfer the property save that stamp duty could be payable on the property which cost £425K less than 12 months ago . The stamp office seem to inidicate that duty will be payable ?
Ken Pritchard


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23rd Jan 2003 21:10

Just a thought
Don't land and buildings have to be transferred by instrument?

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14th Jan 2003 09:35

Rest on contract?
You are obviously satisifed that this scheme represents good tax planning so I will make no comment on that.

In this situation where the company is controlled by the property owner it may be worth speaking to a solicitor about the property resting on contract, as without the transfer document the stamp office has nothing to stamp.

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