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bigduckontax, Accountant
Category: Tax
Satisfied Customers: 9406
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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.