How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • Go back-and-forth until satisfied
    Rate the answer you receive.
Ask bigduckontax Your Own Question
bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 9406
Experience:  FCCA FCMA CGMA ACIS
75394688
Type Your Tax Question Here...
bigduckontax is online now

Is the corporation tax should be paid from the date the

Customer Question

Is the corporation tax should be paid from the date the company takes over the property?
As I understand it then there is no CGT to be paid by the company only corporation tax. Am I correct?
Submitted: 6 days ago.
Category: Tax
Expert:  bigduckontax replied 6 days ago.

Hello, I am one of the experts on Just Answer and pleased to be able to help you with your question.

What transaction are we discussing?

Expert:  bigduckontax replied 2 days ago.

I cannot assist without more data.

Customer: replied 1 day ago.
DearCustomer would you review the following question for me and let me know if this is possible doing?: Can I transfer the £400K value of the property from personal name to Company name, in which there is no such transaction happen, but we show the £400k in the company as a Director Loan amount?
Expert:  bigduckontax replied 1 day ago.

Yes, you can and can reflect the transfer in a Director's loan account. Entrepreneurs' Relief would apply and CGT deferred.

Customer: replied 1 day ago.
The market value of the property at the date of transfer was £400K. On the TR1 form at the land registry, I stated that 'the transfer is not for money or anything of any monetary value' and paid stamp duty on the transfer.My questions all relate to this.In my accounts, I have Dr Fixed assets and Cr Directors loan for the £400K. Does this mean that I can extract this amount free of income tax?Should I make a gift relief claim to hold over the capital gain on the transfer to the company? If so, how do I go about doing it?
Expert:  bigduckontax replied 1 day ago.

Yes you can unless interest is involved.

No need, ER defers CGT until you dispose of the shares.

Customer: replied 1 day ago.
If I show the Directors loan amount adjustment in a limited company, so do I need to pay the capital gain tax to HMRC on £400K
Expert:  bigduckontax replied 1 day ago.

No.