I have a meeting with an accountant scheduled for next month but wanted to get a broad understanding prior to this discussion.
I own 1 property values at 300k with a mortgage of 123k. I'm looking to purchase a new residential property with my partner for ca. 750k. This would be liable for stamp duty of 50k, 22.5k caused by additional stamp duty rate.
I have looked into options available and either sale of buy to let or incorporation into a limited company seem like best options. If I incorporate, will the stamp duty paid be recorded as a loss on the P&L? Do I need to have additional cash to process the transfer (via a loan)? If I sold the property in 10 years time, would it be subject to capital gains or just corporation tax? Would my ownership of the company at this point be subject to CG if I extraxted The money via dividends?
Is this a legitimate route to use or is this like the whole loan charge fiasco going on at the moment? How do I choose a good accountant to assist me?