Fair Rents (Scotland) Bill or Artificial state manipulation of free market rent?10:34 AM, 6th November 2020
About 4 weeks ago 36
I have a few properties owned jointly with my wife and have always split the rental profits 50:50. However, my accountant suggested for tax planning (I am a higher rate taxpayer and my wife is a non-taxpayer) all the income should be allocated to my wife. To do this, all we need to do is open a bank account in her sole name, transfer the rental income and the mortgage costs etc across to this account then 100% can be shown to be hers. Don’t even need to inform HMRC.
However, I noticed some articles regarding completion of Form 17 for HMRC and notifying them of the transfer of income. Also some reference to SDLT and CGT, although no CGT should be due as none of them have increased in value.
I trust my accountant but the articles suggest the advice is different.
Apologies if this has been raised before but can anyone assist or point me in the right direction?
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