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I am selling my family business and need to plan least some

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I am selling my family business and need to plan for at least some retirement income. I am purchasing a HMO for 362500 with my son.We need to know, is it better to buy as a trust or company for SDLT purpose4s, and to preserve my son's status as a first time buyer when he buys a flat in his own name in a couple of years to come.?
Submitted: 10 months ago.
Category: Tax
Expert:  bigduckontax replied 10 months ago.
Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question. Whichever way the SDLT cat jumps you will get hammered. Here is the Gov UK web site advice: 'Stamp Duty Land Tax (SDLT) is charged at 15% on residential properties costing more than £500,000 bought by certain corporate bodies - or ‘non-natural persons’. These include:companiespartnerships including companiescollective investment schemes'However if the property is used for a property rental business then the normal residential rates of SDLT apply. Clearly if your son wishes to retain his first time buyer status the company route is the obvious one. Trusts are complex and expensive to set up and run and expose one to 10 annual taxation into the bargain. I do hope that you find my reply of assistance.
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Category: Tax
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Expert:  bigduckontax replied 10 months ago.
Thank you for your support.

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