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Power over property

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29 June 2010

Issue: 4261 / Categories: Forum & Feedback , Inheritance Tax

A mother, father, daughter and son-in-law run a business in partnership. The balance sheet includes a property that was used for the business, but which has been let out for the past 12 years

My client is a family-run partnership consisting of husband and wife daughter and son-in-law who run a retail business.

Included within the balance sheet is a property that was originally occupied by the partnership for the purpose of their trade but which for the past twelve years or so has been let out as a commercial letting.

The property remains on the business balance sheet albeit as an investment.

The two parents are now of advancing years but are still involved in the trading partnership. The father has now been diagnosed with a progressive form of dementia and his lawyers have advised that he should get his affairs in order.

To this end he intends to grant power of attorney to his daughter to deal with his affairs although it is his intention to remain as a partner in the trading business (albeit to a...

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Power over property

© Copyright LexisNexis 2024. All rights reserved.

29 June 2010

A mother, father, daughter and son-in-law run a business in partnership. The balance sheet includes a property that was used for the business, but which has been let out for the past 12 years

My client is a family-run partnership consisting of husband and wife daughter and son-in-law who run a retail business.

Included within the balance sheet is a property that was originally occupied by the partnership for the purpose of their trade but which for the past twelve years or so has been let out as a commercial letting.

The property remains on the business balance sheet albeit as an investment.

The two parents are now of advancing years but are still involved in the trading partnership. The father has now been diagnosed with a progressive form of dementia and his lawyers have advised that he should get his affairs in order.

To this end he intends to grant power of attorney to his daughter to deal with his affairs although it is his intention to remain as a partner in the trading business (albeit to a...

If you or your firm subscribes to Taxation.co.uk, please click the login box below:

If you are not a subscriber but are a registered user or have a free trial, please enter your details in the following boxes:

Subscribe Now...

Alternatively, you can register free of charge to read a limited amount of subscriber content per month.

Once you have registered, you will receive an email directing you back to read this item in full.

Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.

Issue:

4261

Categories: Forum & Feedback [1] , Inheritance Tax [2]

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