I hope this is helpful and answers your question.
If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.
Thanks for this
Just a double clarification on paying off the mortgage - you say that if I do totally pay off my partners mortgage in a single lump sum payment from funds in my current account then there aren't any tax implications (apart from inheritance) for me or them. But will we need to declare this payment in either of our self assessments? (Assume that the funds are from my current account and are from my own income).
Also, are family holidays, clothes and purchasing a family car considered normal expenditure?
Rupert, thank you for your reply.You don't declare any payments to pay off mortgage or loans on your self assessment.Self assessment tax return covers disclosure of taxable income from different sources and payments against which tax relief is available.Family holidays and expenditure on clothes would be considered as normal expenditure where as family car is debatable... spending £20k on car may not be deemed normal expenditure.I hope this is helpful.
hi, can I ask one more cheeky question -
If I loan my partner £370,000 interest free over 20 years - is there any tax liability for either of us?
If you are happy and there are no more issues I will appreciate if you would kindly rate the service I provided to ensure I get credited for it.