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.
Acting on behalf of Bayview Developments, joint agents, Goadsby and Sibbett Gregory have recently commenced marketing 8A Parr Street which is situated in the heart of Ashley Cross.
Goadsby, acting on behalf of a private client and working jointly with Sibbett Gregory, are pleased to have completed on the sale of Unit 3, Holes Bay Business Park, Sterte Avenue West, Poole, Dorset to Southern Inshore Fisheries & Conservation Authority.
Acting on behalf of private clients, Goadsby Commercial have completed the letting of 127 Old Milton Road, New Milton, Hampshire, BH25 6DP to Mr Twana Haji who is currently fitting out to open as a Barbers.