Obtaining property - what's the best options for me?

Bananas_1

Hi all

Newbie here. Seems like a good and very informative community!

I’m after some advice regarding a property and what would make the best financial sense for my situation please. I’m obtaining a property in the UK from my brother (he lives abroad) that he is gifting to me. The property is owned outright so does not have a mortgage. It is currently being let out and I hope to keep it this way. I work full time and earn £33,500 so pay the basic tax rate. My question is would it make best financial sense to transfer the property in my name or open a limited company and make the company the owner of the property? Would I have to pay stamp duty? Capital gains tax? Or any other fees? I know I will have to pay some sort of tax on the rental income but really unclear as way too much information online and it's not very clear. Can some of you offer some answers to my questions or suggest some good websites I should be looking at that will help me.

Thank you very much!

uknick

As you have no knowledge of the taxes involved, or what is required to run a BTL, I'd suggest you spend a little money and spend an hour or so with an accountant who can advise you on the basics.

Does your brother use one?

Bananas_1

Thank you for the reply, I did think it might be easier to use an accountant but wanted to at least have sort of idea before I see one.

My brother is based in Hong Kong and his accountant is there.

Keep_pedalling

Your brother may have a capital gains liability when he transfers it to you