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Our client and his wife live in a bungalow on a plot of land overlooking the sea. They intend to demolish the bungalow and build a block of six flats, retain the top flat for their own use and the next two down they intend to rent out. The ground floor flat and two flats above will be sold. Can readers advise whether, to minimise capital gains tax, it would be better — prior to commencement — to sell the land to their own company or to their own trust (they have children who could be shareholders or trust beneficiaries).
Our client and his wife live in a bungalow on a plot of land overlooking the sea. They intend to demolish the bungalow and build a block of six flats retain the top flat for their own use and the next two down they intend to rent out. The ground floor flat and two flats above will be sold. Can readers advise whether to minimise capital gains tax it would be better — prior to commencement — to sell the land to their own company or to their own trust (they have children who could be shareholders or trust beneficiaries).
If readers have any other planning points etc. these would also be gratefully received.
Query T16 768 — Seaside.
Reply by Edmund:
Presumably Seaside intends for his client to carry out the development in a company in order to take advantage of the lower rates...
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