Hi. Is this approach suitable for a private landlord in the following situation. Married couple both higher rate income tax payer. 2 children under 18 BTL1 - £200k value £50k mortgage BTL2 - £220k value £55k mortgage Residential home - £950k value £200k mortgage Thanks
Not at this time but if your kids are under 18 then you are probably quite young - so there are other strategies - Book a meeting as previously suggested
No as far as I know however it is a generally accepted figure by most tax consultants. A case can be made for a shorter period but most of the time its not worth risking an issue with HMRC.
@@Inheritancetaxadvice what happens if i already have mortages on investment property in my sole name can i keep the currant lender or do i need to find a new lenders
@@Jeffybonbon You need to check with your cuurent lender what the difference in rates would be to move to a company but if you hold them personally at present you have to have an LLP for 3 years before you can claim incorportation relief and so you have time
@@Inheritancetaxadvice hanks I have spoken to TMW and they will not allow this They have sent me the Loan agreement so it would be a huge job trying to arrange the number of Mortgages I have they have said if i breached the agreement they would ask all funds to be repaid in 28 days and if i factor in the higher rates to move it makes no sense
We'll get it in the end we always do........HMRC tax inspector retired just spend it or give it away best advice and costs nothing.
Lets agree to disagree
Brilliant
Hi. Is this approach suitable for a private landlord in the following situation.
Married couple both higher rate income tax payer. 2 children under 18
BTL1 - £200k value £50k mortgage
BTL2 - £220k value £55k mortgage
Residential home - £950k value
£200k mortgage
Thanks
Yes its suitable for evryone who intend to be a professional landlord ( owns over 6 rental properties) - book a meeting on our website to have a chat
@@Inheritancetaxadvice I only own 2 btls at the moment
Not at this time but if your kids are under 18 then you are probably quite young - so there are other strategies - Book a meeting as previously suggested
In regards to the partnership do you provide the service to set this up?
Yes we provide a full end to end service of advice follwed by implemenation once you fuly understand the pros and cons of the planning
You mention holding property for 3 years in the partnership to claim incorporation relief. Is this ' 3 years' stated within HMRC legislation
No as far as I know however it is a generally accepted figure by most tax consultants. A case can be made for a shorter period but most of the time its not worth risking an issue with HMRC.
If I already own a property and decode to transfer it into a FIC, will SDLT and CGT be payable at transfer? Thank you
Not if the planning is done in the correct manner which the video explains that a partnership needs to be set up first.
I have 2 limited companies with properties in them
Can these limited properties be changed FIC and what are the implications
Yes they can. No negative implications except there are fees to set it up. Please book a free 30 minute meeting on our website to discuss,
can FIC have mortgages
Yes - An FIC is the same as any other limited company once it is set up and so it can arrange mortgages
@@Inheritancetaxadvice what happens if i already have mortages on investment property in my sole name can i keep the currant lender or do i need to find a new lenders
@@Jeffybonbon You need to check with your cuurent lender what the difference in rates would be to move to a company but if you hold them personally at present you have to have an LLP for 3 years before you can claim incorportation relief and so you have time
@@Inheritancetaxadvice hanks I have spoken to TMW and they will not allow this They have sent me the Loan agreement so it would be a huge job trying to arrange the number of Mortgages I have they have said if i breached the agreement they would ask all funds to be repaid in 28 days and if i factor in the higher rates to move it makes no sense