properties: transfer into ltd company or keep in our names?
Discussion
Have a small number of properties - 3 small new builds and a large renovation project - apart from the house we live in.
If/when sold the new builds would attract capital gains tax. Clearly, I want to reduce this liability. I have had a couple of property developing friends suggest moving all the development property into a limited company.
BUT, would the reduction of tax be offset by the extra costs in accounts etc etc and would I lose the flexibility of owning the properties, ie, being able to use them as security for future borrowing etc?
If/when sold the new builds would attract capital gains tax. Clearly, I want to reduce this liability. I have had a couple of property developing friends suggest moving all the development property into a limited company.
BUT, would the reduction of tax be offset by the extra costs in accounts etc etc and would I lose the flexibility of owning the properties, ie, being able to use them as security for future borrowing etc?
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