susan chennells
Joined: 8/19/2024
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Treatment of Corporate Finance for CT purposes
If I transfer an unencumbered rental property from my sole ownership into my newly formed Ltd Company and create a Directors Loan Account for the value of the property transferred, what would the tax implications be if the Company then mortgaged the rental property? Would the loan attract tax relief ? O r would it be taxed as a source of Company income? Could I use these funds to repay my DLA?