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Inheriting property minimising tax liability
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Jez
Jez
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20 Posts
2 years ago
0

I am a self employed landlord with one property which has been let out since 2006. I want to leave this property in my will to my two children, however by the time they get it the capital gains tax and inheritance tax will reduce the money they get quite substantially.

After speaking to other landlords, some have advised me to create a limited company and others have advised me to create a limited liability partnership with both children as shareholders or partners, in order to pass on the property seamlessly.

What is the best process I can follow to pass on my house to them without incurring tax charges, or at least minimising the charges?

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