Q: I am the sole owner of my practice premises, having bought out the retiring partners. My new partners in the practice and I as the tenants signed a 20-year lease last year.
As a part of inheritance tax planning, I wish to gift the practice premises to my family who will run it via a company.
Do the premises qualify as a business asset for capital gains tax (CGT) purposes? If so, what rate of tax is due? If I were to gift the property to a company formed by my family, does any CGT potentially arise on the gifting of the property to the family?