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  • #3939
    Mark LeeMark Lee
    Keymaster

    An old accountant friend tells me he hasn’t been able to find someone to help via the normal search facility. Please let me know if you are able to help or have any advice to share here:
    A group of house owners living in a gated community jointly own the common areas through a Limited company (the road, pavement and pond). They all contribute to the Limited company to pay for maintenance and gardening.

    The Limited company is under the 1948 companies act. They’d like to transfer the old company to a new modern limited company.

    Need help with the tax implications of transferring ownership of the common parts from one limited company to another.

    #3940
    Nigel ReynoldsNigel Reynolds
    Participant

    Hi Mark

    Rather than transferring the assets from one company to another the simplest thing to do is to hold a meeting (I think it is a Special Meeting) to change the articles of the company up to Comapnies Act 2006. This is usually done by a Solicitor and does not affect the tax status of the company or its assets.

    Regards

    Nigel

    #3941
    John KavanaghJohn Kavanagh
    Participant

    I was just about to say the same as Nigel, Mark. I can’t see this is a tax issue unless there is more to this than meets the eye.

    #3943
    Mark LeeMark Lee
    Keymaster

    Grateful to you both. Relieved that my gut feel was right 😉
    Will pass this on to the accountant.

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