Families who run local businesses are recommended to transfer the property assets from “father to son” now to reduce their tax burden.
Inheritance Tax (IHT) applies when any property is transferred to one’s children. Marcus Andrews, Chartered Surveyor at Goadsby, suggests making the transfer at an early date as the tax is less if the parent survives for several years before “death”. Thus there is a potential saving to be made.
Goadsby have undertaken a number of valuations recently to help local businesses (and landlords as property owners) mitigate their tax burden. He says, “IHT will be based on today’s values even if no money is changing hands and an arm’s length valuation by one of Goadsby Registered Valuers can set a fair sum for Tax”.
If you require valuation help with your “Inheritance Tax Transfers" speak to Marcus Andrews FRICS at Goadsby who can help you.
Goadsby’s Retail Department have successfully completed a letting of 96 Commercial Road in Bournemouth Town Centre to national retailer, Ann Summers who have relocated from a nearby premises.
Acting on behalf of private clients, Goadsby Commercial have completed the sale of Tatnam Fish & Chip Shop to Jon Levene and Ellie Richmond.
Goadsby Commercial are delighted to have assisted Volcano Jewellers with the sale of their building in Poole High Street.