My clients are a father and adult son who jointly own a commercial property which they acquired for £115 000 plus VAT four years ago. Initially the property was used in a partnership trade carried on by father and son. Subsequently the partnership trade was transferred to a limited company and the situation now is that the partners opted to tax the property and are now renting it with VAT applied to the rent to the limited company which they own.
It is now the father’s intention to gift his half-share of the VAT opted commercial property to his son for no consideration. In addition the father intends to gift his 50% shareholding in the trading company to his son once again for no consideration.
The property now is probably worth around £130 000. The value of the trading company is low at the present time as profits...
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