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The only "Trust" document is the gifting of the property by my mother to by sister and brother, with the statement that it is for the benefit of all siblings. There are no restrictions to transfer. How do I transfer the property interest to my wife? Is there a specific legal format?
Also, as the property (it was originally a food outlet which we operated and continues to be such but operated by another party) has ben in the family as a business for 35 years, are there any reliefs applicable when computing the capital gain for tax purposes and if so, will they apply if I transfer the interest to my wife?
What are the reliefs for a property used as a fast food outlet? Would the reliefs be greater if I retained the interest in the property?
What is the tax that will be payable on the disposal proceed of about £35,000 and original cost of about £5,000 (35 years ago)?
Each sibling holds an effective 20% share in the business. I am unsure how to classify the business as there is no formal partnership document, though It is treated as such as all revenues and costs are shared equally. Each will have held that 20% share for more than a year.
Will we each qualify for entrepreneurs' relief?
Sorry for not being clear.
The property is in my mother's name but gifted by deed to two of my siblings on the understanding that it is for the benefit of all siblings (five in total). As I am not named on any property register what document of transfer required? Is it just a deed of gift?
Thanks for your help