Hi,
Does anyone know if there is a way of transferring personal debt into a company? An asset that was transferred into Company last year having previously been owned personally and rented to the company was correctly conveyed across into the company and stamp duty paid. The problem was however was that the debt amount that went from personal to the company as part of this transfer was less than the asset value as this was the remaining debt on this particular loan facility.
If there are sufficient reserves in the company, is there a way of transferring more debt into the company by way of perhaps a share buy back? All of the debt is related to the company but held personally. It would be hugely beneficial to have more debt in the company versus personal as have to pay tax before paying loans held personally.
Thanks
Does anyone know if there is a way of transferring personal debt into a company? An asset that was transferred into Company last year having previously been owned personally and rented to the company was correctly conveyed across into the company and stamp duty paid. The problem was however was that the debt amount that went from personal to the company as part of this transfer was less than the asset value as this was the remaining debt on this particular loan facility.
If there are sufficient reserves in the company, is there a way of transferring more debt into the company by way of perhaps a share buy back? All of the debt is related to the company but held personally. It would be hugely beneficial to have more debt in the company versus personal as have to pay tax before paying loans held personally.
Thanks