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  • FIRST POST
    • stumac1980
    • By stumac1980 5th Dec 17, 7:17 PM
    • 14Posts
    • 3Thanks
    stumac1980
    Transfer of property
    • #1
    • 5th Dec 17, 7:17 PM
    Transfer of property 5th Dec 17 at 7:17 PM
    Currently my father has 2 properties plus his own home and is looking to move these into his property business that he has set up a number of years ago. He wants to move these properties into the property business and also add myself and my sister as the directors of the company and remove himself from the business.


    How would he go about doing this and also what tax implications would this cause for all 3 parties.
Page 1
    • G_M
    • By G_M 5th Dec 17, 7:23 PM
    • 42,318 Posts
    • 49,159 Thanks
    G_M
    • #2
    • 5th Dec 17, 7:23 PM
    • #2
    • 5th Dec 17, 7:23 PM
    As only one of the properties is his main residence, he'll be liable for CGT when he transfers the others.

    AP1
    TR1
    ID1

    https://www.gov.uk/government/publications/registered-titles-whole-transfer-tr1

    There may be SDLT implications too. I can't help with the changes to company directors, but assume it involves:
    https://www.gov.uk/government/organisations/companies-house

    Seems strange he's had a 'property business' for a number of yers but his properties have been owned outside this.....
    • Keep pedalling
    • By Keep pedalling 5th Dec 17, 7:28 PM
    • 4,099 Posts
    • 4,460 Thanks
    Keep pedalling
    • #3
    • 5th Dec 17, 7:28 PM
    • #3
    • 5th Dec 17, 7:28 PM
    What is his motivation for doing this? Transferring the family home into the business seems an odd thing to want to do, if he wants to maintain control of your security in your old age.
    • Cheeky_Monkey
    • By Cheeky_Monkey 5th Dec 17, 7:40 PM
    • 1,417 Posts
    • 2,773 Thanks
    Cheeky_Monkey
    • #4
    • 5th Dec 17, 7:40 PM
    • #4
    • 5th Dec 17, 7:40 PM
    What is his motivation for doing this? Transferring the family home into the business seems an odd thing to want to do, if he wants to maintain control of your security in your old age.
    Originally posted by Keep pedalling
    Trying to avoid potential care home fees maybe?
    I used to be indecisive - now I'm not so sure
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