Deed of Trust or deed of assignment

Good Afternoon, I have a query which you may be able to help with please. My husband and myself own a holiday let jointly, but up until now the profits have all been allocated to myself, as that suited us better for tax purposes. As the tax rules will be changing from April 2025, profits will need to be split equally between us. We have been advised by a solicitor that if we complete a Deed of Trust, then the allocation of the profits can remain the same. However, a different solicitor has told us that we would need a Deed of Assignment and not a Deed of Trust and we would also need a Severance of Joint tenancy. Would you please be able to advise as to which of these two trusts we would need and would we need the severance of joint tenancy? They have also mentioned possible stamp duty implications, but this does not seem clear either, so wonder if you could clarify this please? Many thanks for your help. Kind regards, Jane Dawson

Hi,
As the holiday let is jointly owned, I would advise a Declaration of Trust would be sufficient to declare beneficial interests in the property, alongside a
Form 17 outlining the split in rental income.
As this forum relates to income from property and expenses, I would suggest contacting the Stamp Duty department directly for more in-depth advice.
Thank you.