Transfer of rental income to one of 4 joint tenants owners - Declaration of Trust

We own a property that myself (father), wife and 2 adult children are 'joint tenants' owners on the land registry (not tenants in common) We are transferring 100% of the rental income to one of 4 owners. From going through the forum replies so far, it seems it is not suitable for us to complete Form 17. That signed Declaration of Trust by all the joint tenants declaring that we are transferring 100% of the rental income to one person would suffice for tax purpose. Am I correct?

Hi ,
 

Thanks for your question. In terms of previous years, you may claim on expenses up to four years prior to the current tax year, as far back as 2020/2021. I have attached relevant guidance outlining the overpayment relief procedure which should offer further detail for your query: SACM12150 - Overpayment relief: Form of claims  . Thank you .

So, a declaration of Trust saying we are transferring 100% of rental income to 1 of 4 joint tenants is sufficient?

Hi ,
 

Yes that is correct you can transfer the beneficial interests of the property by setting up a deed of trust.  A declaration of trust is a legally binding document that creates a trust.  However most types of trusts giving an interest in property to somebody 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’s also more information about what type of trusts need to be registered at : TRSM23050 - Types of trust that need to be registered: contents: excluded express trusts: contents: property ownership  . Thank you .