Q:I am the sole owner of my practice premises, having bought out the retiring partners over the years. My new partners in the practice, along with myself, 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 as a company.
Do the premises qualify as a business asset for capital gains tax (CGT) purposes? If so, at what rate? If I were to gift the property to a company formed by my wife and children, will they be liable for stamp duty, and would any potential CGT on the gifting of the property be held over by the family?