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Transfer of property
stumac1980
Posts: 27 Forumite
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.
How would he go about doing this and also what tax implications would this cause for all 3 parties.
0
Comments
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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.....0 -
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.0
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Keep_pedalling wrote: »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.
Trying to avoid potential care home fees maybe?0
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