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I am a landlord by inheritance - wow
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John_Pierpoint
Posts: 8,401 Forumite


By accident of interlocking wills, I find myself receiving a small three figure annual rent on my share in a few acres of agricultural land. Believe it or not this situation has been created by the Married Woman’s property act, the general abandonment of primogeniture, with an intestacy in the mix.
I am told that my 1/8 th beneficial interest is via a bare trust.
This rental income is, I think, well within the zero rate band for property income, but should I report it on my Self Assessment tax return, so that HMRC can confirm that there is no extra tax to pay ?
This rental income is, I think, well within the zero rate band for property income, but should I report it on my Self Assessment tax return, so that HMRC can confirm that there is no extra tax to pay ?
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Declare, and also get valuations (file copies) for any CGT when it is transferred or sold several years in the future. HMRC fines are to be avoided.
Know anything about the law and regulations of agricultural tenancies? I humbly suggest some knowledge will be cheaper than the alternative (ignorance...) no offence..
Congratulations and best wishes.1 -
First, is the property subject to an agricultural tenancy?
Secondly, make sure you fully understand them for the country in which the property is located. I'm not sure about England but I know someone in Scotland whose neighbour acquired the right because the owner failed to keep the neighbour's flock off the land.If you've have not made a mistake, you've made nothing0 -
Yes it is an agricultural tenancy in England, but that is a whole different can of worms, probably involving IHT new rules every time a trust beneficiary dies.Sent from Outlook for iOS0
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I checked my self assessment guide (2024 version) and it said do not declare property income less than £1,000 ?
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John_Pierpoint said:I checked my self assessment guide (2024 version) and it said do not declare property income less than £1,000 ?0
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