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Under parents wills ,subject to probate, properties in UK

Customer Question

Under parents' wills ,subject to probate, properties in UK (let) have been left to three relatives as to two (husband and wife) as to 50% (resident in Spain) and 25% and 25%.(UK resident) being niece and nephew.
How best to set up "business.Company" to make maximum (? tax thereon) and provide each beneficiary with an income.
Your initial advice please.

J.E.Staples
Partner JPS & Partners
Accountants
Sovereign House,XXXXXWorthing West Sussex BN11 2TP
[email protected]
Contact TEl:07770 777879

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Submitted: 3 years ago.
Category: Tax
Expert:  Sam replied 3 years ago.

Hi

 

Thanks for your question

 

What elements of the letting falls within the remit of being trade income ?

 

Thanks


Sam

Expert:  Sam replied 3 years ago.

Hi

 

Rental income alone is not permitted to be treated as trade income, so cannot be operated under a limited company, so this is why I have asked -

What elements of the letting falls within the remit of being trade income ? As it may be there is more to this then just rental income.

 

Thanks


Sam

 

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