Ray Carver
Registered User
- Messages
- 2
Hi there, I am looking for some advice here. I am currently a shareholder in a business that my father set up with 2 others. Over time the shares have been passed down and currently we have 7 shareholders in total.
My father on retiring passed some shares to me (15% of overall shares) but kept some (5% overall shares) including the property (which he is joint owner of) which the business operates from but doesn't own.
Currently we pay his property company rent. He is anxious to pass everything over to me as but the CAT is expected to be €150k aprox. I cannot afford this as I have a mortgage and kids and little left over apart from dividends which I save.
The rent paid by my business to his is €60k per annum. So there is a guaranteed income there. We don't qualify for business relief on the remaining shares and property.
I am just wondering if it is possible to get financing on paying a tax bill? I would be 50% owner of the property and those assets but obviously trying to remortgage would be unlikely for that reason.
Any help appreciated.
My father on retiring passed some shares to me (15% of overall shares) but kept some (5% overall shares) including the property (which he is joint owner of) which the business operates from but doesn't own.
Currently we pay his property company rent. He is anxious to pass everything over to me as but the CAT is expected to be €150k aprox. I cannot afford this as I have a mortgage and kids and little left over apart from dividends which I save.
The rent paid by my business to his is €60k per annum. So there is a guaranteed income there. We don't qualify for business relief on the remaining shares and property.
I am just wondering if it is possible to get financing on paying a tax bill? I would be 50% owner of the property and those assets but obviously trying to remortgage would be unlikely for that reason.
Any help appreciated.