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Sam, Accountant
Category: Tax
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Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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Over the last few yrs, we have slightly accidentally (deaths

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Hi, Hi,
JA: Have you talked to a tax professional about this?
Customer: Over the last few yrs, we have slightly accidentally (deaths of parents and buying a property for hard-up bro to live in) acquired 3 properties in addition to our main residence. We're trying to work out how to hand them over to our young adult children without incurring huge capital gains, but not evading tax either.
JA: What are the assets or property for this capital gain?
Customer: One was bought by my mother for £205K, and left to me a few yrs ago but market value is only 50-100K.
JA: Anything else you want the Accountant to know before I connect you?
Customer: Sorry-interrupted by phone call
Customer: replied 12 days ago.
property 1: bought by my mother for £205K and left to me in will but current market value only 50-100K
property 2: we paid half, wife's parents paid half, of £80k house 20 yrs ago, left to us few yrs ago, current value c 290K
property 3: bought by us 1 yr ago for 150K
We're wondering about setting up a trust or company, and wonder if there's a way of setting the loss on one property off vs the profit on another etc
Hello,

I've been working hard to find a Professional to assist you with your question, but sometimes finding the right Professional can take a little longer than expected.

I wonder whether you're ok with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.

Thank you!
Are both properties normal rental income or both furnished holiday let’s or one of each? Thanks Sam
Customer: replied 11 days ago.
Property 1 and 2 are normal rental income (tho for prop 2 we pay the service charges so the profit is pretty minimal). Property 3 is occupied by my bro and currently he pays no rent,
Thanks,
Simon
Then the combined income less combines expenses will see the right tax pain in any tending profits- do why would you want to incur capital gain charges by transferring these priorities into a trust or company? What are you trying to achieve? Thanks Sam
Sam, Accountant
Category: Tax
Satisfied Customers: 14898
Experience: 26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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