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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
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Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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If I transfer a property into a company, I appreciate

Resolved Question:

Hello, if I transfer a property into a company, I appreciate that there may be Cap Gains tax, can I get relief on this?
Submitted: 1 year ago.
Category: Tax
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your question..If you transfer a property into a company, any gain made would be chargeable to CGT.If the property is an investment/let property then you would claim your gains annual allowance against the gain made (current tax year £11,000 per owner) and the rest would be taxed at CGT rate of 18%, 28% or a combination of both.If the property in question is your main residence then the gain woudl be covered by private residence relief. I hope this is helpful and answers your question.If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.
Customer: replied 1 year ago.
That I knew, I was wondering if there where any reliefs given the house is currently let commercially and is being transferred into a company?
Customer: replied 1 year ago.
it's not a main residence
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your reply.There are no additional reliefs available for residential property whether let commercially or by private arrangement, I'm afraid.Sorry, the news is not that favourable.I hope this is helpful and answers your question.
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4935
Experience: FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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