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Posted Sun, 07 Jan 2024 01:22:53 GMT by
Hello, I have a sole ownership property with rental income and I created a Declaration of Trust through solicitor to declare all the interest (rental income and capital gain) of the property to my wife in March 2022 and kept the trust at solicitor. The solicitor didn't register a trust to HMRC (seems that not required at that time). I just noticed that I may need to register this trust to HMRC. Finally I register this trust to HMRC in Oct 2023 by myself (as the solicitor mentioned I can register by myself). Details: Trustee: me Beneficiaries: my wife Settlor: me Protector: solicitor The trust doesn't have any tax income. And my wife will file self-assessment for the rental income generated for tax period 2022-2023. Do I need fill in self assessment as a trustee (SA900) for 2022-2023 before 31 Jan 2024 (and also future tax period) ? Also my wife should declare income from property income or trust income? Thank you very much.
Posted Wed, 10 Jan 2024 15:48:48 GMT by HMRC Admin 10
A trust record is not required for this. however, HMRC need to have sight of the declaration of trust and this needs to be sent before the alternative beneficial owner of the income is noted. Without this, you need to declare the income as it is you who owns the property.
Posted Wed, 10 Jan 2024 16:41:21 GMT by
Dear Admin, Thanks for your reply. I have some follow up questions: 1) How can I send my declaration of trust to HMRC? (The original copy is kept at solicitor, copied version is acceptable?), 2) Should I close my registered trust? Thank you very much.
Posted Tue, 16 Jan 2024 13:40:15 GMT by HMRC Admin 10
You would need to send a verified copy of the trust, your solicitor should be able to do this for you, although there may be a cost involved.  You can request this copy is returned to you, for safe keeping.
Posted Tue, 16 Jan 2024 14:00:01 GMT by
Dear Admin, May I have the contact of HMRC to send the verified copy to? Also what information I need to send together with the verified copy of trust? e.g. my UTR, NI number or anything? Thank you very much.
Posted Thu, 18 Jan 2024 14:47:47 GMT by HMRC Admin 19

The address is:

PAYE & Self Assessment
BX9 1AS.

You should include a cover letter with the trust deed and ensure your name and National Insurance number are shown.

Thank you.

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