Hi. My name is*****'m looking at your question now and will post my answer or ask for more information here in a short while.
As you and your son are connected for tax purposes, whatever price you sell the property to your son for will be replaced by the open market value of the property sp you may have CGT to pay and no cash to pay it. If your son gifts you some of the money if and when he sells it, that is fine. You won't have to pay tax on it. Your son will have made a potentially exepmt transfer which will fall out of his estate for Inheritance Tax purposes so long as he lived for seven years after making it.
By selling the property to your son at less than market value, you will also have made a gift for Inheritance Tax purposes. Your son won't have to pay tax on it and it will remaion in your estate for seven years after making it.
I hope this helps but let me know if you have any further questions.
If you put the property into a limited company, you will still be treated as having sold it at its market value which will still leave you with CGT to pay and, possibley, stamp duty for the company to pay. Take a look here for more information.
Trusts aren't as tax efficient as they used to be. If you gift the property to a trust of which you are the settlor and beneficiary it won't really work because you aren't giving anything away, hence the name "bare trust". HMRC have pretty much covered any situation where the original owner of an assets wishes to continue to benefit form it even after "disposing" of it.
What type of property is it?
You need to consider selling the shop if you can within three years of your busines ceasing. If you do, you may be able to claim entrepreneurs' relief which will limit the CGT charge on the pre-letting period gain to 10%.
The first £5,000 of dividends are taxed at 0% but that £5,000 is effectivley part of the 20% basic rate tax band of £32,000. You can have £1,000 of tax free bank interest if you are a basci rate taxpayer or £500 tax free if you are a 40% taxpayer.
If you gift part of your ownership to your children, that will still leave you with CGT to pay as you will be treated as having disposed part of your interest in the property to them.
I'm not sure what you mean by "the lettings allowance". If you mean letting relief, that goes hand in hand with main residence relief and is only available to someone hwo has lived in a residential property that has been their main home.