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 Commercial Business Transfer Team is delighted to bring to the market the Surma Valley Restaurant and Lodges in Fordingbridge.
Goadsby, acting on behalf of Tidebank, are delighted to announce that they have now completed the first letting at Victoria Park, Portland.
Acting on behalf of Smart Homes Property, Goadsby has submitted applications for Planning Permission and Prior Approval Permitted Development for the conversion and extension of 61 The Avenue, Southampton, into seven flats.