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Will taxman be our guest? property posers Your legal questions answered by RICHARD BATTRICK.

Byline: RICHARD BATTRICK

QMy partner and I own a small guest house in joint names. We made wills some time ago, but what is our position as regards inheritance tax, capital gains tax and so on? Would it be advisable for us to marry? AOnce you have run the guest house for two years it's likely that it will qualify for 100% Business Property Relief for inheritance tax purposes, providing you are still using it as a guest house when you die. Getting married would enable the unused nil rate band of the first to die to be transferred for the benefit of the survivor's estate. You would have to make new wills. Capital gains tax should only arise in the event of you disposing of the guest house during your lifetimes: you may qualify for Entrepreneur's Relief. Get specialist advice before selling up.
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Title Annotation:Features
Publication:South Wales Echo (Cardiff, Wales)
Date:Sep 9, 2010
Words:144
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