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    • TX001
    • By TX001 7th Jan 18, 5:45 PM
    • 10Posts
    • 0Thanks
    Additional stamp duty
    • #1
    • 7th Jan 18, 5:45 PM
    Additional stamp duty 7th Jan 18 at 5:45 PM
    Hi all,

    We own a house overseas and are in the process of buying another property in Northern Ireland. Our overseas property is for sale, however, we do not expect to have sold it prior to completing the purchase of the NI house. The Northern Ireland property will be our main residence. Can we transfer ownership of our overseas property to a Limited Liability Company to avoid paying the additional stamp duty when buying our Northern Ireland house?

    Thanks for any advice.
Page 1
    • davidmcn
    • By davidmcn 7th Jan 18, 6:09 PM
    • 7,061 Posts
    • 7,072 Thanks
    • #2
    • 7th Jan 18, 6:09 PM
    • #2
    • 7th Jan 18, 6:09 PM
    Well, possibly. From the point of view of SDLT merely owning shares in a property-owning company would be irrelevant. But I don't know which jurisdiction the other property is in, what costs/taxes might be involved in selling it to your limited company (or forming the company in the first place if that's necessary), whether such a transaction may arouse the suspicion of prospective buyers or otherwise complicate a sale, etc.
    • 00ec25
    • By 00ec25 7th Jan 18, 6:12 PM
    • 6,097 Posts
    • 5,592 Thanks
    • #3
    • 7th Jan 18, 6:12 PM
    • #3
    • 7th Jan 18, 6:12 PM
    have you ever lived in the overseas property as your main home? Yes or No...

    triggering CGT by transferring ownership to a Ltd Co is an excellent idea.
    • SDLT Geek
    • By SDLT Geek 7th Jan 18, 7:11 PM
    • 134 Posts
    • 83 Thanks
    SDLT Geek
    • #4
    • 7th Jan 18, 7:11 PM
    • #4
    • 7th Jan 18, 7:11 PM
    What is the house overseas worth? If the shares in it that each of you has are worth under £40K (so if there are two of you is it worth under £80K) then it should not count against you anyway for the purposes of the higher rates of stamp duty land tax when buying a property in Northern Ireland.
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