Flat confusion - LTC
Question from Barb updated on 13th April 2012:
Our expert Mark Withers responded:
No but I accept this is confusing. A flat owning company is not a company that owns flats for the purposes of this rule. A flat owning company is a relatively uncommon type of freehold title that was popular in some older apartment blocks where owners hold a share in a company that owns the building rather than a conventional title. The share conveys their ownership of the unit. You can breath again!
Mark Withers and his team at Withers Tsang & Co specialise in advising on property related transactions, valuation and restructure services and tax planning.