09 March 2006
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).
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