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Sam
Sam, Accountant
Category: Tax
Satisfied Customers: 13974
Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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I operate a small one man business and 8 years ago my dad "gave&q

Customer Question

I operate a small one man business and 8 years ago my dad "gave" me a property which I put in the books of my company. I now want to sell that property and want to know the most efficient tax way of doing it
Submitted: 1 year ago.
Category: Tax
Expert:  Sam replied 1 year ago.
Hi I am afraid there is no efficient way - as you are treated as an individual owning this property (Im assuming you are a sole tarder, but please advsie id this is not the case) - which I assume your Dad paid capital gains tax on when he made the transfer?But is this a commercial or residential property and is it used within your business? Does Dad still live in it, or do you live in it? Thanks Sam
Customer: replied 1 year ago.
I have a limited company and the property is a residential property which is rented out by the company.
i assume my father paid any capital gains due when he gave it to me. I put in the company so that the company could borrow against it
Expert:  Sam replied 1 year ago.
HiThen you still will be liable to disposal of this asset - but will pay corporation tax instead of capital gains tax Thanks Sam