commercial property into trust ..tax implications

Supercalafragalistic

I would like to know if it is possible, and what the implications may be, tax and otherwise of putting my half of commercial properties into my wifes name in trust to her .

My goal is to ensure she is the recipient of these properties when i die
So to my mind i can either

A. Do a transfer of equity whilst i am alive....upside...we know where we are. Downside...cgt

B. Leave in will....upside , no cgt to pay, downside...wills are contestable these days , more so than ever, as one of my good friends recently discovered!

C. Put it into trust........i dont know the upside or downside of this, so was hoping someone might tell me

Any ideas gratefully received.

00ec25

you are asking increasingly esoteric tax planning questions which will never get the quality of technical advice you actually need for your objective

please go and pay for professional advice from an estate planner, such as:

- member of STEP https://www.step.org/about-us
- accountant specialising in IHT (not a general high street accountant)
- solicitor specialising in IHT

tebthereb

I may have had too much sun but isn’t a transfer between husband and wife at no gain and no loss? So if the only issue with the idea of transferring is CGT, that seems like problem solved.

Just be careful of SDLT if transferring the mortgage.

00ec25

tebthereb wrote: »

I may have had too much sun but isn’t a transfer between husband and wife at no gain and no loss?

OP has already been told that in their previous thread

Supercalafragalistic

00ec25 wrote: »

you are asking increasingly esoteric tax planning questions which will never get the quality of technical advice you actually need for your objective

please go and pay for professional advice from an estate planner, such as:

- member of STEP https://www.step.org/about-us
- accountant specialising in IHT (not a general high street accountant)
- solicitor specialising in IHT

Thanks for the advice.I had never heard of this organization and am now in touch.

Keep_pedalling

Why do you think wills are more contestable these days? They always have been contestable, but few challenges succeed and I would be surprised if you can come up with any examples where a spouse has had their inheritance reduced in favour of anyone else, unless we are talking about an elderly millionaire and young model type marriage.