husband with cancer

le_loup

LUKEJONCAPEWELL13 wrote: »

Its hard enough for me and my son to go through this as it is, we have put blood and sweat into this, no holidays, days out, going out for meal, we have scraped every penny into this.....please help

Sorry to hear of your situation.
You may already be aware but, the 40% is only on the gain in value of the properties since they were acquired, not on the full value so you will get the cost back plus 60% of any increase.

[Deleted User]

le_loup wrote: »

Sorry to hear of your situation.
You may already be aware but, the 40% is only on the gain in value of the properties since they were acquired, not on the full value so you will get the cost back plus 60% of any increase.

The rate would be 28% - but your point remains relevant.

Brighty

If the business is in his sole name, they'd surely only be CGT if he sold it before he passes. After he passes, it goes to his wife and she can sell with no CGT. no?

00ec25

Brighty wrote: »

If the business is in his sole name, they'd surely only be CGT if he sold it before he passes. After he passes, it goes to his wife and she can sell with no CGT. no?

the estate may or may not have to pay inheritance tax (at 40%) on the value of the estate, which in this case would appear to include various physical properties that most certainly have a value.

it appears "the business" (as distinct from the properties) will end with the death of the husband, but we do not yet know if the wife is also an owner of the properties but not a partner in "the business", so there are 2 possible outcomes: sale of "the business" (CGT and entrepreneurs relief if timed right), or inheritance of "the properties" ?(IHT, with possible CGT payable by the beneficiaries of sold long after inheritance). Crucially, both outcomes require different valuations

silvercar

Please do not panic on the finances at this time. Any will (or even not having a will) can be altered by a deed of variation within 2 years of a death.

My thoughts are with you.

LUKEJONCAPEWELL13

I am half owner of the properties but not owner of the business, hope this helps. With thanks

xylophone

https://www.gov.uk/government/publications/entrepreneurs-relief-hs275-self-assessment-helpsheet/hs275-entrepreneurs-relief-2015#what-is-entrepreneurs-relief

Take advice from a chartered accountant specialising in taxation.

http://www.ttrbarnes.com/accountant-vs-tax-specialist-use/ is a company web site but does explain areas of expertise.