Is Stamp Duty owed transferring title from a Company?

Julezzz

Four years ago I purchased a property containing 6 flats and then put the flats in the name of a company (with myself and my partner as the Directors).
We now wish to close the company down and transfer the title deeds of the 6 flats back to our joint names.
There is no mortgage on the property and no cash being exchanged.
Do I need to pay stamp duty, and if so how much? The property (i.e. all 6 flats have been valued at £170,000).

TheCyclingProgrammer

I don't think you'd pay stamp duty as there is no chargeable consideration for the transfer. You should speak to your accountant about this who should be able to confirm this.

If you don't have an accountant I would advise you engage one because I think there could be corporation tax implications for your company if the properties have increased in value and capital gains implications for you on the transfer of assets if the property forms part of a capital distribution on winding up/liquidation or potentially income tax if transferred before winding up.

booksurr

as said, no consideration so no stamp duty, but you will trigger a CGT disposal from the company to you as you probably already knew

TheCyclingProgrammer

booksurr wrote: »

as said, no consideration so no stamp duty, but you will trigger a CGT disposal from the company to you as you probably already knew

Unless I've misunderstood, isn't there a potential for both a capital gain to be made by the company on the disposal at market value, subject to corporation tax as well as a subsequent gain made by the shareholders on the disposal of their shares in return for any distributed assets subject to CGT?