hi guys
looking for some advice on property held in a company .
years ago grandfather put 50 acrres of land in to a company, why i dont know his solicitor advised him to do it,, and it passed down the generations to my brother and i who are now directors .
we also inherited the debt that went with it , well we want to sell 3 acres for 90,000 to pay off some of the liabilities .
we have been told if we sell tax will be 50 percent of it , and tranfering to one of us or both, it we will be taxed at 40 percent why i dont know, according to accountant .
both of us on salaries of 30000, we have never drawn a salary from company , in fact farming the land , losing money and putting our own salaires in to keep things afloat as father is looking after the farm and we are subsidising it.
i have no problems paying tax its just 40 to 50 percent is too much hoping for 20 percent at the most , any ideas how to minimize?
cheers macflea.
looking for some advice on property held in a company .
years ago grandfather put 50 acrres of land in to a company, why i dont know his solicitor advised him to do it,, and it passed down the generations to my brother and i who are now directors .
we also inherited the debt that went with it , well we want to sell 3 acres for 90,000 to pay off some of the liabilities .
we have been told if we sell tax will be 50 percent of it , and tranfering to one of us or both, it we will be taxed at 40 percent why i dont know, according to accountant .
both of us on salaries of 30000, we have never drawn a salary from company , in fact farming the land , losing money and putting our own salaires in to keep things afloat as father is looking after the farm and we are subsidising it.
i have no problems paying tax its just 40 to 50 percent is too much hoping for 20 percent at the most , any ideas how to minimize?
cheers macflea.
