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A potential new client came to my office the other day. He owns half a dozen residential properties that are let out. For personal reasons, he wishes to gift these into a company, the shares in which will be owned wholly by his (adult) daughter. This did not seem to me the best of ideas taxwise and I did try to dissuade him, but he is quite adamant that this is what he wants to do. Before I put the wheels in motion, can readers give me some advice on the tax aspects so I am sure that I have covered all bases here?
A potential new client came to my office the other day. He owns half a dozen residential properties that are let out. For personal reasons he wishes to gift these into a company the shares in which will be owned wholly by his (adult) daughter. This did not seem to me the best of ideas taxwise and I did try to dissuade him but he is quite adamant that this is what he wants to do. Before I put the wheels in motion can readers give me some advice on the tax aspects so I am sure that I have covered all bases here?
My first thought was whether there is a stamp duty land tax liability. Presumably there is a potential capital gains tax liability that cannot be held over; are there any other potential liabilities e.g. pre-owned assets tax that I should...
