Individual -vs- Company ownership

[tangaroa]

With the new boat due to arrive in a couple of months, it has been suggested to me that there might be advantages in registering the boat to a Limited Company. For instance, if ever we needed to sell all or part of the boat, all that is needed is a transfer of shares.

I'd be interested to know other peoples thoughts on the pros and cons of Limited Company ownership bearing in mind that we have no intention of making the boat available for charter.

Many thanks in advance.

 

[Nickel]

There would I believe be tax implications - directors benefits etc, that may well make you rethink.

 

[Guest]

Post deleted by danfoley

 

[Guest]

And in addition to Nickel's comments, liability and insurance would need to be thoroughly checked out.

 

[tangaroa]

There will be no marine mortgage or other borrowings on the boat so we were going to go down the SSR route. But I take your point, regarding shares. Thanks

 

[iangrant]

The Inland revenue will eat you alive, if that ain't bad enough the C&E like to have their snout in the trough as well.
They will look at evey aspect of your "business" with any boat activity, it seems to be a real favourite with them.

Ian

 

[yachtbits]

Isn't there a new tax/pension rule coming out in April allowing purchase of assets such as property and boats as by pension scheme's. I think it is where business's manage their own pension scheme.

Obviously, only an option for you if you run your own business with its own pension scheme.

 

[ParaHandy]

... if an individual's pension fund (generally SIPP) buys a residential property that family members use as a permanent or holiday home, then it will be necessary to pay a commercial rent to the fund, or a benefit-in-kind tax charge to the Revenue worth 40% of the rent that would have been paid. There will be an additional 15% tax charge on the pension fund for the use of wasting assets, for example a boat or a car ....

 

[tangaroa]

Many thanks to all who responded for scaring the living daylights out of me. Personal ownership sounds like the option for me :0)

Cheers,