Question:
Is it payable when transferring a property, without a mortgage, owned by four of us family members, into a limited company? The property was left to us in inheritance by our parents?
Arthur Weller replies:
See www.hmrc.gov.uk/manuals/sdltmanual/SDLTM30220.htm and subsequent pages, where you can see that where individuals transfer a property to a company connected to them, then stamp duty land tax is charged. The figure used is the higher of: (a) the market value of the property; and (b) the amount the company actually pays.
