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Posted Mon, 17 Apr 2023 21:56:04 GMT by Andrew Haith
I am sole owner of a property, but wish to transfer the beneficial interest to my wife so that she is liable for tax on the rental income. I have two questions around this: 1. Is it necessary to declare the transfer of beneficial interest via a solicitor, or is it sufficient to create and sign a document by myself? 2. Once the beneficial interest for the property is assigned, can the expenses be included on my wife's tax return (as she is the beneficiary), or are expenses part of my tax return (as sole owner)?
Posted Tue, 25 Apr 2023 13:04:51 GMT by HMRC Admin 10
Hi
The transfer needs to be done as a legal transfer and has to be witnessed so a solicitor would be the option.
Once  done and if all 100% is to your wife then she declares are the income and expenses.
Please note this needs approval from HMRC and can only take effect once you have received this.
Thankyou.
Posted Tue, 25 Apr 2023 20:44:29 GMT by Andrew Haith
The statement that approval is needed from HMRC appears to contradict answers provided elsewhere in this forum. e.g https://community.hmrc.gov.uk/customerforums/ifp/57038522-a1da-ed11-9ac4-00155d9c773c which states that nothing needs to be sent to HMRC. Please could you confirm what needs to be submitted to HMRC to obtain this approval, and how it can be submitted?
Posted Fri, 28 Apr 2023 11:26:16 GMT by HMRC Admin 10
Hi
Thank you.
For your question 1, you do not have to declare the transfer of beneficial interest via a solicitor you can create a document yourself as long as it contain necessary information eg names % shares  dates etc.
Question 2, as you are the sole owner of the property no form 17  is needed to be submitted to HMRC you just need to retain the document in case HMRC need to view it at any point .
Posted Sat, 29 Apr 2023 20:06:28 GMT by Tomasz Ullman
Hello, Thank you for your guidance on this. Re: #2 - I understand that it is no longer required to submit Form 17, but is there any way to submit to HMRC the declaration of beneficial interest and receive some sort of acknowledgment notification? Thank you. Best, TU
Posted Mon, 01 May 2023 00:40:28 GMT by Haze7732
Hi. I am in similar situation. Sole owner of a property but want to make wife 100% benefiary of rental income and be responsible for tax. Is there a sample declaration of trust template that we can sign please or do we have to use a solicitor. Many thanks in advance
Posted Fri, 05 May 2023 12:00:55 GMT by HMRC Admin 10
Hi Tomasz Ullman
Thank you for your question.
If you are not making a declaration of unequal shares in a property and you are a married/civil partner couple then a Form 17 is not required.
A letter clarifying your beneficial interest and which parties are involved will suffice and HMRC will acknowledge this. 
 
Posted Fri, 05 May 2023 12:30:55 GMT by HMRC Admin 10
Hi Haze7732
Thank you for your question.
I regret that HMRC does not have a template/example of a trust document and if you choose a legal document then I would recommend contacting a solicitor to see one. 
Posted Tue, 13 Feb 2024 22:28:43 GMT by samsam
Hi HMRC, Same as above, but if the income is generated by saving interest. Can I transfer my saving interest to my wife so that she is liable for tax on the rental income ? Thank you
Posted Wed, 14 Feb 2024 23:41:08 GMT by samsam
sorry for my last response typo mistake : should be saving interest income not rental income
Posted Mon, 19 Feb 2024 12:37:30 GMT by HMRC Admin 19
Hi,

Any joint income received with your spouse or civil partner is automatically split 50/50 unless an alternative split has been agreed by HMRC. This can be rental income or interest or anything that is jointly owned. You can see guidance on how to have an alternative split here:

Declare beneficial interests in joint property and income

Thank you.
Posted Mon, 19 Feb 2024 13:27:00 GMT by samsam
Thank you for your reply. Could I request a refund for my last tax year (2022-2023)? I've submitted self-assessment for last year and tell the saving interest is my income, but my wife did not have any income (job or saving interest) in the same year. Thank you so much
Posted Mon, 19 Feb 2024 13:47:46 GMT by samsam
Moreover, I have a full time job and I'm the only person working in the family. And my wife cannot go to work because need to take of children, so could I / how to get the agreement from HMRC to transfer those saving interest (100% and those saving in my solo bank account when in 2022-2023 tax year) to my wife ? Thank you
Posted Tue, 20 Feb 2024 16:46:06 GMT by HMRC Admin 10
Hi
As it is an account in your name only you would need to have a declaration of trust showing that you are not the beneficial owner of any interest generated. This needs to be witnessed by a 3rd independant party and must specify what the revised split is.
Posted Tue, 20 Feb 2024 17:05:12 GMT by HMRC Admin 10
Hi
As per my earlier reply, you have stated that the account is in your name only, you would need to declare 100% of the income. a declaration of trust cannot be applied retrospectively.

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