Mark Smith (Barrister-At-Law)
We’ve heard a lot of myths about Buy to Let and Tax planning that we’ve brought in Mark Smith, Barrister to answer your questions. This is going to be valuable session which even most Accountants don’t have the right answer to. Why not bring your accountant along and they can learn too.
Q. Section 24 tax regime makes Buy 2 Let dead.
Q. I can only incorporate if I have a partnership for 2 or more years.
Q. I have to pay Capital Gains Tax and Stamp Duty.
Q. I have to re-mortgage.
If your accountant says he doesn’t think it can be done – bring them with you Charge your accountant to educate them. Mark Smith is a Barrister, hon counsel to property118.com and the co-designer of a range of solutions for business structures wherever you are on your property career.
Effective landlord tax planning utilises all available tax breaks legislation provides for. Nobody in their right mind wants to pay more tax than they are supposed to pay, but not everybody knows how to go about optimising their tax position or even the existence of many forms of tax relief or ownership structures available to them.
With the correct planning it may well be possible for you to utilise tax legislation to optimally restructure your property rental business, without any requirements to refinance or to pay capital gains tax or stamp duty. We are not referring to loopholes or tax dodges, but perfectly legal structures that your average accountant might never consider bringing to your attention.