Postby SteLacca » Tue Mar 21, 2017 1:59 pm
If the property qualifies as a furnished holiday let, then you have the choice regarding CGT. You can either pay CGT based on market value now, or sign holdover claims to transfer your base costs to your sons.
If it doesn't qualify as a furnished holiday let then the holdover claim is not available.
If you were to die within 7 years then, indeed, inheritance tax does also become an issue. However, how much is payable may be tapered, and could attract business property relief.
Again, it all depends on the precise nature of the property, and you may want to speak to a local accountant for detailed advice. I certainly wouldn't complete such a transaction on the basis of forum advice, particularly where there are uncertainties that will affect the outcome.