Transfer of a Tracker Mortgage to a Company

G

Grafter

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Small Company , allowances are up at the end of this year. Purchased houses buy to let in the boom left with negative equity. Rental income does not cover the mortgage. The rent for the Company covers the mortgages leaving very little in the Company each year.
With Allowances going will have a Tax bill in the region of EU70K next year but will find it very tight. Want to transfer the houses into the Company but as we have a great rate- Tracker- Does anyone know if the AIB might do this or is their a better option. The loans are paid interest & capital & no arrears.
 
If you have a tax bill of 70k that would indicate that you have a profit of €140k. Probably should get advice from a professional at that level.

By the way if the properties are in negative equity and you plan to transfer the properties and the loans to the company then the negative equity is a loan to you as a director, which has income tax, BIK, and company law issues.
 
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