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01 November 2016
Portfolio planning
Incorporation options of buy-to-let portfolio and refinancing considerations.
My client is considering the incorporation of a number of buy-to-let portfolios, which will involve refinancing the current mortgages.
Portfolio planning
Incorporation options of buy-to-let portfolio and refinancing considerations.
My client is considering the incorporation of a number of buy-to-let portfolios which will involve refinancing the current mortgages.
My first query concerns the operation of Extra Statutory Concession D32 which states: ‘Where liabilities are taken over by a company on the transfer of a business to the company HMRC are prepared for the purposes of the “rollover” provision in TCGA 1992 s 162 not to treat such liabilities as consideration’. My concern with this is how HMRC might interpret ‘liabilities taken over’.
I note that some commentators suggest that the existing mortgages must be novated to the company (so it stands in the shoes of the original borrower(s)) for the concession to...
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