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Hi All

My father-in-law owns a plot of land in Yorkshire in his own name, the land is just under of acre in size and has been rented as allotments for many years now. I’m trying to support the family to develop the land to either a car park or housing development (subject to best return on investment).

As my farther-in-law is in his late 60’s I want to consider the future and reduce any tax burdens that will come up once we develop the land. My father-in-law has 3 daughters in their 30's, his wish is that if we can make this development then he wants all the money to benefit them directly. The 3 daughters all work full time.

What is the best way to strategically approach this before we start the process of looking at planning permission and everything else?

There is a family trust already set up would it be best to use this in some way?

Or I recently set up a limited company to do some property development, could this be used to buy the land off my father-in-law for a low price, add the 3 daughters as directors of the limited company, then develop the land and once the houses are sold then pay outs could be made to family members. Or would all this just create more tax?

What is the best way around this situation?

Many thanks

 


Jack

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