I have been in partnership with my father for 20 years and the business property is included in our accounts with a net book value of £80000. Its present market value is £360000. Recently my father passed away and I have inherited the business. It is my wish to now operate within a limited company and would welcome advice on the tax consequences of transferring the business assets including the property to a company and anyways those taxes can be minimized. In addition if I were to retain ownership of the property and lease it to the company I presume I would loose inheritance tax business relief. thanks for ant help
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I think you need to talk to your accountant
General advice will be too general, you need to talk to someone who knows about the whole of your personal situation
Chris Smail www.langer.co.uk