| Title | : | Gifting Residential Property via a Trust |
| Lasting | : | 10.46 |
| Date of publication | : | |
| Views | : | 2,1 rb |
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Under S260, hold-over relief can be applied for any asset but with restriction on PRR, why do so many accountants say it's only for business assets? Comment from : @annettewhite9011 |
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As an example, a parent puts their house into trust (less than £325k) for the benefit of the children
brThe parent continues to live in the home, so no rental income So I assume no income tax to pay?
br8 years have passed and they decide to sell the property (parent now in care home) and wind up the trust
brI assume there is no CGT or IHT to be paid in this situation?
brThank-you, great video explaining it well Comment from : @butterfliesonfilm |
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Simon Gray you’re the best! brHow quickly the beneficiaries of the trust can get rid of the trust and transfer the asset in to their name? will there be any SDLT at the time of transfer from Mr X to the trust? brWhat do you suggest about BTL property gift to next generation(when mortgage outstanding ) via trust or straight away for optimal tax savings brThank you, there are very few financial advisor who explain like you do, only two or three, you’re the best! Comment from : @letsplaywitheesa1668 |
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Great video ! I have a discretionary trust created by my financial advisor last year Can I have or create another discretionary trust? How many can I open ? Comment from : @corkpres |
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As always the best Thanks Comment from : @MominNz |
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Hi Simon, great videobrDoes this apply for any property? Ie can you adopt the same approach with a commercial property? If not, how can one pass a commercial property to the next generation?brThanks Irfan Comment from : @irfanamjad5425 |
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