Father owns a commercial property currently at the value of 350 - 450k has an outstanding mortgage on his own ppr of approx 70k with 10 yrs remaining and a term loan of 22k with approx 3 yrs remaining.
Son owns his own house and has approx 100k avail to invest.
Father wants to develop his commercial residence which estimates will cost 200K should the father borrow this money ( approval already given by bank for same ) or should father gift the property or part of it to son and the son develop the property therefore leaving the father with no huge mortgage to repay.
Can the son partially own the property is there any tax benefit of doing this?
Whats the best thing to do?
Son owns his own house and has approx 100k avail to invest.
Father wants to develop his commercial residence which estimates will cost 200K should the father borrow this money ( approval already given by bank for same ) or should father gift the property or part of it to son and the son develop the property therefore leaving the father with no huge mortgage to repay.
Can the son partially own the property is there any tax benefit of doing this?
Whats the best thing to do?