Does anyone know a way of doing this without having to repay stamp duty.
What is the implication of selling it for less than it's really worth to avoid the fees.
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If it's mortgaged, you need to repay the bank in full before any deeds will be released if you have a mortgage. If you don't, why make life difficult for yourself? Also, unless we are talking about a super-luxury flat, the fees are relative low so why are you trying to do this? There are costs associated with a shell company such as yearly accounts, company registration.
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I would not say it's super luxury but personally I would not say several hundred thousand dollars paid again to the taxman is relatively low either, hence wanting to avoid this.
You highlighted a point I had stupidly ignored 'the money owed to the bank', so i guess this idea is up in flames already because I am not ready to clear the mortgage. The purpose of wanting to do this was to be able to claim housing allowance to reduce tax bill, whilst ensuring assets were not in my personal name so off the radar screen for UK global inheritance tax.
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There is a legal / compliant way to do this (we certainly would warn against providing incorrect value information).....we would typically charge HK$2,800 for an interview to go through the process........bring along your mortgage details (if any) and property information.
Weir & Associates
Solicitors & Notaries
16th Floor Tak Shing House
Theatre Lane
20 Des Voeux Road Central
Central
Hong Kong
Tel : 2526-1767
Fax : 2868-3568
email : WeirLaw@HongKongLaw.com
www.HongKongLaw.com/weirlaw
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Oh what a tangled web we weave,
When first we practise,
To deceive.
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There is no need to ‘re-mortgage to the bank under a plan to have a declaration of trust assist to ‘transfer’ the prospect to your company. You might contact Weir & Associates for further information - Shane Weir (WeirLaw@HongKongLaw.com).
Weir & Associates
Solicitors & Notaries
16th Floor Tak Shing House
Theatre Lane
20 Des Voeux Road Central
Hong Kong
Tel : 2526-1767
Fax : 2868-3568
email : WeirLaw@HongKongLaw.com
www.HongKongLaw.com/weirlaw
Please support our advertisers:
Thank you for your advice
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