teddy lion

Hi, My question is specifically about residents of Scotland. Does this CGT exemption also apply to civil partners transfering funds between themselves in Scotland? Thanks in advance.

Hello, As I understand it, an individual has a £1000 rental income allowance which is tax free (property allowance). Does this property allowance also apply to: 1. higher rate tax payers, and 2. residents of Scotland One more question: does an individual have to declare the £1000 tax free rental income (covered by this allowance) on the self assessment? Thanks in advance.

Hello, My partner and I recently became civil partners. He is a higher rate tax payer and would like to transfer large sums to me in order to pay basic rate tax on the interest. I have two questions: 1. Is it correct that, as civil partners, we can transfer unlimited savings between us with no capital gains to report/pay? 2. Is this the same for residents of Scotland? I understand some taxes are different under Scottish law and am terrified of triggering CGT on any monies transferred between us in case of difference in Scottish taxation. Thanks in advance.

Hello, I would just like a quick confirmation for the following process: My partner and I are unmarried with a 50/50 jointly owned property and currently assign rental unequally according to the rules of pim1030. We live in Scotland. However, we understand this arrangement will then end when we become civil partners. To assign unequal rental income share, we must do the following: -make sure we are not joint tenants (I don't think they have this is Scotland anyway, only 'joint ownership', which is like tenants in common). -create a Declaration of Trust assigning different shares of beneficial interest in both ownership and rental income -send Form 17 within 60 days to HMRC Is this all we need to do? I am assuming this process is the same in Scotland as it's UK-wide legislation, but wanted to check. I also understand the Declaration of Trust can be created either with/without a solicitor, is this correct? Many thanks in advance.

Hello, I've received so much conflicting information about the following, so I would really appreciate some clarification. If civil partners jointly own a rental property in Scotland, can they use a Declaration of Trust for beneficial interest, in order to split the rental income differently to legal ownership? Then of course a Form 17 to HMRC within 60 days? That is - are the rules the same for Scottish landlords as English ones - can we use a declaration of trust and divide rental income in the same way as the rest of the UK? A Scottish solicitor told me this is the case, but I am nervous because the notes in the HMRC manual only seem to apply to England/Wales. Scotland also doesn't have the terms tenants in common/joint tenants either, which makes it even more confusing. From what I've read, we can be 'joint owners' with/without a survivorship clause, which is similar to tenants in common in England. Does that mean we can then just split the rental income using a Declaration of Trust as normal? I have tried asking the Scottish land registry about this and they have been no help. Thanks in advance.