Offset the tax ?

[Ross poldark]

Hi
I wonder if it’s doable to offset the %3 property purchase tax against company if the earning is added to the income ?
What I mean is the income of couple of rentals added into my income in other company I have ? Mind, the properties are not owned by a company
Reason behind this is to increase the income and to offset the tax against it

Thanks for advising

 

[STDFR33]

Your questions makes no sense at all.

 

[Newchodge]

What I mean is the income of couple of rentals added into my income in other company I have ?

If the company you have is a limited company, you don't have income in it. The company has its own income from which you can receive a salary or dividends.

Mind, the properties are not owned by a company

If the company does not own the properties how can it receive the income from them?

the %3 property purchase tax

What 3% property purchase tax?

 

[Lisa Thomas]

I recommend you instruct accountants to help with the Company and your personal tax affairs.

 

[DontAsk]

Its most likely the 3% additional stamp duty that individuals pay when buying a second, third, ..., property.

 

[SteveHa]

If it's the stamp duty, then no, you can't deduct from income to mitigate income tax. The expense is capital, and will only be brought into consideration on eventual sale of the property for CGT purposes.