It only matters if the tenancy is held in the company name.Not correct
It only matters if the tenancy is held in the company name.Not correct
are you saying, if we were to write to l/lords, saying we going to change from partnership, to ltd, and they didn't query it, just agreed, that would change from a lifetime tenancy, to a endless one ?
Only if the tenancy was then assigned to the company name.are you saying, if we were to write to l/lords, saying we going to change from partnership, to ltd, and they didn't query it, just agreed, that would change from a lifetime tenancy, to a endless one ?
are you saying, if we were to write to l/lords, saying we going to change from partnership, to ltd, and they didn't query it, just agreed, that would change from a lifetime tenancy, to a endless one ?
they are worse than shite anyway, family job.I think that you could try, but they (or their agents) might realise that you are trying it on and could sour relations.
Partnership to pay rent and ltd co reimburse or pay hire charge for cows to cover it.
Safety net in place and assets still yours.
Don't know.Would there not
What are the implications of this for herd basis of valuation? Thought the assets had to be directly used by partnership to qualify for herd basis?
Get a good lawyerCurrently farm in partnership with my father as joint tenants on a successive 1986 AHA tenancy. Father is looking at coming out of the partnership and so for tax purposes I am looking at moving to Limited company status.
Before I sit down and discuss this with my landlord, what are the likely implications for my tenancy agreement?
Other (less preferred) option would be to remain a partnership and bring my wife in as a partner.
Thoughts appreciated, thanks
You now have succession rights!!We changed from a partnership to a ltd company with no issues. I have no succession rights because dad's tenancy was just single life but the tenancy was always in his name and not the partnerships. Its still just in his name but the limited company pay the rent. We never even mentioned it to our landlords and they have never said anything to us but it's pretty obvious because the limited name is on the bank account.
Anyone can pay the rent due. That doesn’t rewrite the tenancy or alter who the tenancy is held by.You now have succession rights!!
Landlord has accepted rent from ltd co, so it is the tenant and it never dies!!!!!
Anyone can pay the rent due. That doesn’t rewrite the tenancy or alter who the tenancy is held by.
No, you are wrongAnyone can pay the rent due. That doesn’t rewrite the tenancy or alter who the tenancy is held by.
Fair enough, but given the rigmarole it took to get my name on the tenancy I’d be surprised if it was as easy to change as all that.No, you are wrong
If it was true, don’t you think everyone would be doing it, with the TFA advising you to do so.?No, you are wrong
Aha tenancies are created when a rent is paid AND accepted.If it was true, don’t you think everyone would be doing it, with the TFA advising you to do so.?
I don’t think that would stand up in court if you had an AHA tenancy in your name, then just unilaterally started paying from a ltd co and expecting the terms of the tenancy to change. Besides, there’s no more AHA tenancies being created , only successions . Happy to be proved wrong, but doubt it somehow.Aha tenancies are created when a rent is paid AND accepted.
If the landlord is dumb enough to accept a cheque from a ltd co, he deserves all he gets.
All tenancies should be to ltd co, tradeable and never dying.
I didn’t think the legal framework exists to start a new AHA anymore? Only succeed an existing one? Therefore wouldn’t you only succeed in turning your AHA tenancy into a FBT?Aha tenancies are created when a rent is paid AND accepted.
If the landlord is dumb enough to accept a cheque from a ltd co, he deserves all he gets.
All tenancies should be to ltd co, tradeable and never dying.