I have a situation to consider and would appreciate any thoughts form the members.
Mum and Dad gave a house with some land and outbuildings in to their 4 sons equally. Since then one of the brothers has gifted their share over the years (utilizing their CGT allowance ). The shares are now 7%/ 31%/31%/31%
At the date of the gift the whole was valued at £24,000 in 1984
The value is mainly attributable to the house and the barn.
The house is now valued at £550,000 and the barn at £200,000. The value of the barn was £20,000 prior to planning permission being obtained. The purchasers will be using a mortgage for part.
The family wish to sell the barn to other family members for £200,000.
One of the brothers wishes to use his share of the sale proceeds and other monies to buy out the other two brothers (assuming that the 7% holder will disappear after selling the barn).
Any suggestions as to ways to minimize CGT would be welcome.