Ask an Property Solicitor. Get an Answer ASAP.
Owned by the limited company which I control, although my son sometimes helps with the work involved e.g. repairs and dealing with tenants. I do not use an agent to manage the properties and usually find the tenants myself too.
Will my children have to pay capital gains tax on the properties, or can they just continue to run the business in the same way that I have done?
If they do not pay the capital gains tax at this time, will IHT be higher as a result? Will CGT be exactly the same if they sell the flats later on?
It seems to me that if they sell the flats and pay the CGT, IHT will be lower. So unless they want to keep the flats for ever, it is better to sell. Am I right?