bravesocks Posted April 25, 2007 Report Share Posted April 25, 2007 Hi peeps Im new today...I was wondering does any one know how to protect a tenant for a long time and what is that tenancy called? I wish to grant a ten year tenancy to a family member at a peppercorn rent but I want to protect him in case anything should happen to me. Please advise Bravesocks Link to comment Share on other sites More sharing options...
plym77 Posted April 25, 2007 Report Share Posted April 25, 2007 Hi I do not know about the documents you require, and this is slightly off topic, however, I would say that it may be worth considering the use of a Trust for the property, with your Family member being one of the beneficiaries (as a new member, I ought to let you know that I am a Chartered Tax Adviser, specialising in property... so this is not 'pub talk'!! hehe) As you will be aware, a BTL property is CGT'able on sale, however, where you have a Trust owning a property in which a beneficiary lives as thier main residence, it can be possible to claim Principal Private Residence exemption - and in your case, that would be 10 years - plus the final 3 years of ownership! You can have an element of control over this, and so just because you want the family member to live there for now, does not cement anything in stone. This is great for Capital Gains Tax purposes, however, it would very much depend on your personal circumstances and the ownership history/value/finaning of the property in question as to whether this will work. I obviously am unable to advise that specifically in a forum. However, if you would like to consider this possibility further, please do email me on sherena.glanton@horwath.co.uk and we can go from there. If not... then I am sure that one of my fellow members can point you in the right direction! Regards Sherena Link to comment Share on other sites More sharing options...
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