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Limited company

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Hi all ,
I have a buy to let property ( interest only mortgage) with my wife and currently rented out . My wife has another property ( with no mortgage) joint ownership with my daughter age 12years old and the property rented out. We are both working full time . I heard we can set up a limited company to pay less tax. Is there any one please explain what I need to do? Can I set up a limited company to include my wife and myself for both properties although I do not have any share in send property? Thanks for your help.

Comments

  • silvercar
    silvercar Posts: 49,523 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Name Dropper
    If you want to put the properties into the limited company, the company will need to buy them off the current owners, incurring legal fees, possibly stamp duty, possible CGT liability for the 'seller'. If they are mortgaged the limited company will need to obtain a mortgage.
    I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
  • Thanks for that. I'm happy to pay required tax amount next tax year but is there any way to reduce and save some money?
  • How is it possible for a 12 year old to own property?
  • uknick
    uknick Posts: 1,767 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Mhkallay wrote: »
    Thanks for that. I'm happy to pay required tax amount next tax year but is there any way to reduce and save some money?

    If I may say, that's a pretty glib comment.

    Or, do you know what the gain and associated CGT on the properties is?
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