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Capital tax issues with ownership of rental properties

jon June 20, 2011 capital gains, inheritance tax, letting, private residence, property No Comments

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If you are buying a property with your spouse or civil partner or even just a business partner and you intend to let it out, make sure your solicitor or conveyancer knows this and arranges the most suitable ownership status. Generally for tax reasons this will be as tenants in common. As a tenant in common you will each own a specific share of the property, which may be half, or a different specified percentage.

The other sort of joint ownership is known as a joint tenancy. In that … Continue Reading

Pitfalls in faulty contracts – partnership and shareholder’s agreements

jon November 25, 2009 advice, agreement, business property, contract, IHT, inheritance tax, partnership, professional, shareholders No Comments

I have been writing elsewhere about the dangers of using templates and adapting borrowed contracts and agreements rather than paying for professionals to draw up new ones. It is time to be specific.With regard to partnership business assets, there are generous, though one might say prudent, reliefs from inheritance tax which can amount to 100% of the value of the capital account and 50% of the share of buildings, land, and plant and machinery. That means that the heirs have the opportunity to receive up to the whole value of a deceased partner’s share of a business, … Continue Reading