Sole Ownership higher tax band in Scotland?Make Text Bigger
I am a sole owner of a property (House) in England and on a higher tax band. I stayed in the property for 21 months and had to move out to different city (in Scotland) for job purposes. The house is currently on mortgage for another 23 years but have received consent to let last week. My wife currently doesn’t pay any tax as she is House maker.
I will advertise my property for lease from next week. Is there a way I could move my rental income which will be taxed 40% to her income to save on the tax purposes.
England has a tax slab of 20% up to £46000 while Scotland has up to £43000. Property being in England, will I get any benefit of £3000?
Also is there anything which I should consider at this point to avoid paying more in future like CGT etc etc.
Appreciate your help in advance.
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