Q. My wife and I own a buy-to-let in addition to the property (worth more than £1 million) that we live in. What is the most tax-effective way to give the buy-to-let to our child, who is already on the property ladder? Should it be via our will, a gift it in our child’s name without any reservation or a gift to a company in our child’s name? Or is there another way?
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Before passing assets to your children it is a good idea to first have a conversation about whether they are happy to have it and, in this instance, whether they are comfortable being a landlord and running the property business. A gift must be irrevocable to be effective