Deed of assignment

Hi ,
 

Thank you for your question. Most types of trust giving an interest in property to someone who is not the legal owner, now need to be registered with HMRC via the Trust Registration Service. You can find guidance on the registration requirements and how to register here : Register a trust as a trustee  . There is also more information about what type of trusts need to be registered here: Trust Registration Service Manual  . Late registration can result in a £5000 fine. As the property is not held in joint names, a Form 17 election is not appropriate . The person who pays the mortgage can claim tax relief on the interest . You can claim mortgage relief if you held a beneficial interest in the property . Thank you .

Dear HMRC, Please advise if the deed of assignment (transfer of beneficial interest) to be registered on HMRC TRS as an express trust? Thanks

Hi Binod,
Thank you for your question.
Details of trusts that need to be registered can be found at: 
TRSM23000 - Types of trust that need to be registered: contents: excluded express trusts: contents.
If you require any further guidance you can call the trust helpline on 0300 123 1072. 
Thank you.

Hi Chirag,
Your period of ownership begins on the date you first acquired the property or on 31 March 1982 if that is later.  It ends when you dispose of it.  
The final 9 months of your period of ownership always qualify for relief regardless of how you use the property in that time as long as the property has been your only or main residence at some point.  
The guidance is here:
HS283 Private Residence Relief (2024)
We apologise but  initial advice we gave you was incorrect.  The capital gains is chargeable on the person who is the beneficial owner of the asset which has been disposed of:
CG10720
The same person may be both legal owner and beneficial owner of the property but there can be a separation of the two.
Please refer to:
TSEM9120  and TSEM9130
Thank you.

Hi Admin, I have read through the thread however there seems to be conflicting information. Please can you help clarify. My wife and I are tenants in common on a rental property (50% share each). I wish to move the beneficial ownership to 0% me - 100% my wife for tax purposes in terms of rental income and expenditure. My questions are: 1) Is a deed of assignment enough for this? 2) Is form 17 required? 2) Does this need to be drafted by a solicitor or can I do this in the presence of a witness? Or without a witness? Or do you provide a template? 3) Once the deed of assignment is in place do I need to submit it to HMRC or just keep it safe? Thank you

Hi,
As the property is jointly owned by yourself and your spouse currently at a 50/50% split, a Declaration of Trust may be used regardless if it is on a joint tenant or tenants in common basis to change the split from 50/50 to 0/100%.  A form 17 would be required to declare the change in beneficial interests and would need to be submitted to us alongside the Declaration of Trust within 60 days of the form 17 being completed.
There is no set template available, however, examples may be found here:
TSEM9520 - Ownership and income tax: express trusts - written declaration
Using the form 17 guidance provided below, it describes the process and requirements to be accepted:
Declare beneficial interests in joint property and income
Thank you