I am considering setting up a trust for my grandchildren(4,9,10), and gifting my current home to it. (I will move to another property)My son, the children's father will be the main trustee. I will not retain an interest in the property or the trust
This house is likely to be let and later sold
1 I assume there will be no capital gains on making the gift, but there could be IHT if I die within 7 years
2 How would the income from the property be taxed
3If/when the house is sold what tax would arise?
4 Could I gift a property if it has a mortgage on it
5 Does my son's tax position in any way affect the taxation of the income or the propertyy sale(he will not be a beneficiary)
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