From my client's notes of the meeting she had with the potential buyer, he said that 'he would compensate her for loss of rental income'. I was hoping to find a more tax advantageous structure. Advice provided by all has been very helpful. I will need to research further.
Thank you. The £450K was an offer from the potential buyer and I am not sure how he arrived at that sum. My client seems to be happy with it though. The student lets are for a fixed term of 12 months. It has been a very successful operation with year 2 students often staying for their 3rd, or in some cases, their 4th year. It does seem that this sum should be taxed as income.
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Thank you.
Thank you for replying so quickly.
Thank you. Your comments are appreciated.
From my client's notes of the meeting she had with the potential buyer, he said that 'he would compensate her for loss of rental income'. I was hoping to find a more tax advantageous structure. Advice provided by all has been very helpful. I will need to research further.
Thank you. The £450K was an offer from the potential buyer and I am not sure how he arrived at that sum. My client seems to be happy with it though. The student lets are for a fixed term of 12 months. It has been a very successful operation with year 2 students often staying for their 3rd, or in some cases, their 4th year. It does seem that this sum should be taxed as income.
Thank you for your comments
Fair point!
Happy now?
Thank you. A good point. The formal structure of the offer has yet to be presented.
Yes. A genuine typo on my part (and wishful thinking). My client has been advised that CGT will be 28%.