Transfer of commercial property

[johnmck]

My father is looking to transfer / gift a commercial property to me.

What is the most tax efficient way?

 

[Joe_90]

Start early allow lots of time for planning.
Ensure that you take advice from an accountant.
Is CGT payable by the father, is there a loss on disposal?
How much of the group A threshold does the son have?

 

[mf1]

You'll get a better response if you give some information and pad out a bare question e.g.

Why would he do this now? Why not leave it to you in his will?
How much is the property worth?
Is there any mortgage attaching?
Will there be any CGT liability for your father?
Will you have a CAT liability?
Both sides will need to be separately represented - who will pay the costs?
Are there other members of the family who may resent this transaction?
Have you contemplated taking serious accountancy/taxation advice?

mf

 

[johnmck]

You'll get a better response if you give some information and pad out a bare question e.g.

Why would he do this now? Why not leave it to you in his will?
How much is the property worth?
Is there any mortgage attaching?
Will there be any CGT liability for your father?
Will you have a CAT liability?
Both sides will need to be separately represented - who will pay the costs?
Are there other members of the family who may resent this transaction?
Have you contemplated taking serious accountancy/taxation advice?

mf

He's leaving it in his will, but thought might be better now!
Worth under 200k

No mortgage

I'll go get advise, thanks