Cullingworth

My wife and I are both beneficiary trustees to a discretionary property trust. The trust receives rental income and was the property of a parent now deceased 12 years ago who was the original Settlor of the Trust. One of us is a basic 20% tax payer and the other a 40% tax payer. Is it legitimate for all the rental income, via a R185 form, to be distributed to the basic tax payer and not to the 40% tax payer?

Hi, This year, for the first time, my wife and I both share the rental profit from a newly rented out property. This will be no more than £2500 to £3000 p.a. each for the foreseeable years. Currently we are both PAYE mainly from our pensions, (i.e. not self-assessed). We will need to declare this new income stream by the end of this financial year in some way to HMRC. Please can you tell us how / in what manner we do this? Thank you.

For 12 years now I have been acting Lead Trustee for a family trust of my late mother's home (other trustees are my wife and son). The property is rented out. The Trust pays the tax at trust rate via SA900. Up to now it is I who personally receives the income which I declare to HMRC and seek a refund via R40 on my personal tax. Until recently I was a 20% basic rate tax payer like my other trustees. However, I have now recently become a 40% tax payer. Given this situation, is it possible / allowable for my wife who is my fellow trustee and 20% tax payer to receive the income from the trust from now on and not myself and for her to seek a refund via R40 instead of me on her personal tax?

I have a Principal Residence in England for over 40 years. I also have a smaller second home, currently rented out, in Scotland for 15 years. Not now, but in the future, I might want to downhouse and live in the smaller Scottish home as my final Principal Residence BUT would only do this after selling my English home first, What are the tax implications in doing this, particularly vis a vis CGT?