Limited company

Mhkallay

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.

silvercar

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.

Mhkallay

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?

Keep_pedalling

How is it possible for a 12 year old to own property?

uknick

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?