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 Commercial’s Business Transfer team has completed on the sale of the Nail & Beauty Studio to experienced business owners Mark Tillison and Lucie A’Bear.
Acting on behalf of Winchester City Council, Goadsby's Hampshire Commercial Team are delighted to have completed a new lease of another Winchester retail unit at 11 Kings Walk to Stonehenge Tailoring.
Acting on behalf of a private landlord, Goadsby have recently completed a letting at Elizabeth House, 40 Lagland Street, Poole, Dorset.