Schedule 1 - heritable property

Heritable property should be recorded whether it was sold or not. Depending on the situation the appropriate columns in this schedule should be completed.

If this is the first annual account you will need to have your records and the approved version of the inventory of estate to hand to allow the opening balances in column 1 to be completed.

For all other accounts i.e. those from year 2 onwards, make sure you have a copy of the approved version of the annual account for the previous year. You will need this, as the values to be entered in column 1 will be those that you told us about at the close of that account for the previous period. 

List all heritable assets held at the start of the account, including any interest in a business, any investments (purchase of property) or realisations made during the period of the account and the value of the heritable assets held at the close of the account.

Here are few scenarios which may occur and an example of how the schedule is to be completed:

  1. Selling and making a gain 
  2. Selling and making a loss
  3. Purchasingblockpage[2]
  4. No actionblockpage[2]