Question on stamp duty

[AtW]

Stamp duty does not apply to businesses.

[DimPrawn]

Oh you mean a UK business, well yes, who in their right mind would setup a UK business to hold UK property?

Private Eye | Official Site - the UK's number one best-selling news and current affairs magazine, edited by Ian Hislop

[d000hg]

If you move house, you do NOT pay the additional 3% on the new place provided you never own both the old and new residential houses at the same. If you do own both residential properties for some overlapped period, you must pay the additional 3% but then you get a refund later.



https://www.gov.uk/government/consul...#policy-design

[Mordac]

But technically, isn't that a change of ownership and thus itself subject to stamp duty?

You need to speak to a specialist accountant. There are CGT implications, personal tax implications and SD implications. You need to factor in all your circumstances before you decide, but one factor could outweigh the others.

[AtW]

Oh you mean a UK business, well yes, who in their right mind would setup a UK business to hold UK property?

Offshore companies have to pay annual fees now, in some cases £210k per year!

[Mordac]

Offshore companies have to pay annual fees now, in some cases £210k per year!

That's on properties over £20m. And that's only if they choose to keep the individual owner(s) private. Around 200 chose to pay the tax (ATED) rather than declare who actually owns them.

More here: https://www.theguardian.com/uk-news/...nership-secret

[AtW]

That's on properties over £20m.

" The main features of the proposed legislation will affect properties which are valued at more than £2 million and which are owned by “non-natural persons”. (This is a reference to foreign companies, partnerships, funds and the like, not to persons with strange personal habits.)

1. An annual charge of a minimum of £15,000 and a maximum of £140,000 depending on value. The new tax is called Annual Residential Property Tax (ARPT). "

How to escape the offshore property tax trap - Telegraph

At £20 mln the charge is particularly high.

[Mordac]

" The main features of the proposed legislation will affect properties which are valued at more than £2 million and which are owned by “non-natural persons”. (This is a reference to foreign companies, partnerships, funds and the like, not to persons with strange personal habits.)

1. An annual charge of a minimum of £15,000 and a maximum of £140,000 depending on value. The new tax is called Annual Residential Property Tax (ARPT). "

How to escape the offshore property tax trap - Telegraph

At £20 mln the charge is particularly high.

Trust me to believe something in the Graun.
Anyway, if your figures are correct it still won't apply unless OH has his eyes on something in the £2m+ bracket. Another reason to get expert advice, which I'm not sure is forthcoming on here.

[AtW]

Anyway, if your figures are correct it still won't apply unless OH has his eyes on something in the £2m+ bracket. Another reason to get expert advice, which I'm not sure is forthcoming on here.

Yes, that's true - though in London a dog house would cost at least as much

[MarillionFan]

Yes.

WHS!

Actually , no let me check that as that seems ******* stupid, plus I applied for a mortgage in principle today forgetting all the other BTL houses I own.

Doogies post seems correct, but let me confirm.