Medic
You have unwittingly created a situation whereby you have exposure to both CGT and IHT charges.
There are solutions to the double charges in respect of all of the properties other than the main family home, but you will need to act quickly as the solution for the properties occupied by your children will become progressively more expensive, and you must act in respect of the Spanish property within 2 years of it first becoming available for
occupation.
The solution in respect of your childrens' homes requires the use of a certain type of discretionary trust which is relatively inexpensive to establish and run.
The solution in respect of the Spanish property requires a Principle Private Residence Election which then may be varied to achieve maximum protection of both this and your UK residence.
You will require professional assistance in dealing with these matters as the potential pitfalls of incorrectly applied strategies will inevitably have ab adverse tax effect, and may make your situation worse.
My firm specialises in this type of work. If you would like further assistance we will be happy to act on your behalf.
Nigel Lord
Lord Associates
Taxation & Business Consultants LLP
Caxton House
Old Station Road
Loughton
Essex, IG10 4PE
020 8418 9101 & 07769 931852
info@lordassociates.co.uk