BTL property worth approx £325K. Small mortgage 37K will be paid off before transfer of equity done to save time and for ease. Transfer of 10%, so £32,500, to each offspring. This will remove £65K from my estate for IHT as long as I survive 7 years.
Do a need a proper valuation from a RICS surveyor to satisfy HMRC?
Offspring will be entitled to 10% of the rental income each = £1500 each. Can they use the HMRC £1000 allowance (and obviously not claim any expenses)?
Presume I just put 80% of the rental income on my subsequent tax returns less 80% of the expenses?
If the property is sold in my lifetime is the offsprings base cost for CGT £32,500?
Presume mine is 80% of my original purchase price less 80% of sale expenses?
Can I repeat the exercice with another property next tax year?