U
usenet
I'm not asking for definitive answers here, we're not aiming to change
anything in the immediate future, but some guidance on good directions
to move would be welcome.
We lived/worked abroad for two periods, 1974/77 and 1980/87, during
the second period abroad we bought a flat in North London which we
lived in while home on leave (two months/year, not enough to stop us
being non-resident).
Since we came home in 1980 the flat has been let for most of the time
but for a number of periods (several months at a time) our children
have lived in the flat. We have had a house (well, a series of
houses) which has been our main residence since 1980.
Currently our daughter is living in the flat and, as she is now
working, is paying us rent, presently fairly nominal.
Our children both own a small percentage of our main residence as we
used their part of an inheritance from my mother when she died (as
well as our part of the inheritance) to buy our current house.
I'm 57, my wife is 50 so we're not retiring immediately but it isn't
that far away.
What sort of things should we be looking at to minimise IHT and/or
CGT? We would quite like to realise some capital from the flat at
some point and it's quite possible that our daughter can get an
advantageous loan/mortgage from her employment. What are the
implications of selling the flat to her?
What sort of professional should we be talking to about all this - an
accountant, a solicitor or who? We obviously need someone who knows
all the ins and outs, how does one find an expert with no axe to
grind?
anything in the immediate future, but some guidance on good directions
to move would be welcome.
We lived/worked abroad for two periods, 1974/77 and 1980/87, during
the second period abroad we bought a flat in North London which we
lived in while home on leave (two months/year, not enough to stop us
being non-resident).
Since we came home in 1980 the flat has been let for most of the time
but for a number of periods (several months at a time) our children
have lived in the flat. We have had a house (well, a series of
houses) which has been our main residence since 1980.
Currently our daughter is living in the flat and, as she is now
working, is paying us rent, presently fairly nominal.
Our children both own a small percentage of our main residence as we
used their part of an inheritance from my mother when she died (as
well as our part of the inheritance) to buy our current house.
I'm 57, my wife is 50 so we're not retiring immediately but it isn't
that far away.
What sort of things should we be looking at to minimise IHT and/or
CGT? We would quite like to realise some capital from the flat at
some point and it's quite possible that our daughter can get an
advantageous loan/mortgage from her employment. What are the
implications of selling the flat to her?
What sort of professional should we be talking to about all this - an
accountant, a solicitor or who? We obviously need someone who knows
all the ins and outs, how does one find an expert with no axe to
grind?