I have elderly clients in their eighties (husband/wife) who own buy to let property jointly which was previously their main private residence. Its valued at 200K
They are trying to sell this buy this property and been on a market for several months. The reason for the sale is if not sold before March then they would end up with a hefty tax bill mainly due to the letting relief withdrawal. Therefore trying to understand any tax planning opportunities before its too late.
They have two sons (age late forties) and would it be worth gifting 25% each to them to make use of their capital gains tax allowance. Though they may end up with IHT liability should they not live seven years. If the couple sold the property at market value (50k each) to their sons could this work ?