Pros and Cons of buying a house through a company to keep first time buyers status

C

colc

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I am wondering if someone who knows about this in detail could post a list of pros and cons... Bottom line is I want to keep my first time buyers status and to have the option of renting my own company's purchase.. I'm assuming I'd get hit for certain taxes and BIK etc. but I'm trying to make a decision... Really really appreciate any advice here thanks,

C
 
Things have changed so much, that I find them hard to keep up with.

But what are the current advantages of being a first time buyer?
Isn't the stamp duty the same for all buyers?
There is a tax benefit up to the end of this year, but after that it is gone, I thought?

It's a bad idea to buy a property through a company anyway. The company will pay CGT on any increase in value of the property. And you will pay CGT on any increase in the sale of the company. It really is a nightmare. That's without all the Corporation Tax,audit and filing requirements to worry about.
 
Pros and cons of buying house

Thanks for the response Brendan... Its not really anything to do with advantages from that point of view I just want to keep the social housing option open... I wouldnt be taking advantage of that option before the end of this year because it would short sighted... I wouldnt be buying either capital appreciation its not generally a good idea banking on that as we found out here..

Re CGT again I wouldnt be too interested re the increase in value of the property would this be assessed every year though? I was thinking of the place being somewhere to hold on to long term, i.e. indefinitely...

Could someone buy as a sole trader or would that lose you your first time buyer status too to avoid the filing requirements? Again really appreciate any feedback thanks,

C
 
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