Sandra Crawley
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Capital Gains Tax and Declaration of Trust rental income
I am thinking of doing a Declaration of Trust/Deed of Assignment. I am the sole owner of a buy to let property with a mortgage, I work and am basic tax payer. My husband is now unemployed so it makes sense to make him the beneficiary for the rental income. Q1. Does this mean when I sell the property he can also be the beneficiary of any gains and he would pay the CGT Q2. When I submit my Tax Return for rental income if my husband receives 100% of rental income do I just declare the mortgage with no rental income. Q3. If I am paying the agent fees etc. do I report them on his tax return on mine, if I report them on mine it would be a loss for me, which doesn't make sense. Q4. Can I draw up the declaration of trust myself or does it have to be drawn up by a solicitor. Q5. Can the declaration of trust be reversed. I hope I have made sense. Thank you