Mdc01am

Hi, Advice needed for family member. He is self-employed sole trader and his earning for previous tax 2022-2023 year was in region of £58,000. He is in receipt of child benefits for 2 children. However he paid into his private SIPP pension £10,000 in that same tax year. Will his net adjusted income be £48,000 so he does not have to pay back any of the child benefits he has received? He is trying to find out if Private pensions payments like SIPP will adjust ones net income on which any child benefit repayment is based on. Or whether the repayment of child tax benefit will be based on his £58,000 earnings

With regards to Declaration of Trusts created to show a difference in beneficial interests in a property, i was informed by land registry it is not mandatory for it to be registered with them. This is the response i got from them: "Trusts do not have to be registered" And "The register records the ownership of the legal estate, not the beneficial interests, and the registrar is not affected with notice of a trust (section 78 of the Land Registration Act 2002) therefore HM Land Registry does not record details of shares held by registered proprietors or details of a declaration of trust"

Dear HMRC admin, A declaration of trust had been created years back which shows a difference in benefitial interest percentages to that of the percentage of ownership between the 3 co-owners which has been used to allocate rental income to 1 co-owner with 100% benefitial interest. For your information I have contacted the HM land registry whether this declaration of trust has to be sent to them. They have replied the following: "Trusts do not have to be registered" And "The register records the ownership of the legal estate, not the beneficial interests, and the registrar is not affected with notice of a trust (section 78 of the Land Registration Act 2002) therefore HM Land Registry does not record details of shares held by registered proprietors or details of a declaration of trust" Therefore from your answer and the land registry answer, I assume no need to submit anything to HMRC unless it is requested at any point in the future.

The form 17 is not applicable in my situation. However my declaration of trust which sets out different beneficial interests % between the 3 co-owners, does this need to be sent to HMRC or kept by myself and only sent to HMRC when and if they request it?

Hi So in this situation the form 17 does not apply and does not need to be filled. Is the Deed of assignment same as Declaration of Trust as both can transfer/determine a different beneficial interest set between owners/non-owner Does this declaration of trust/deed of assignment needs to be sent to HMRC? Or is it kept by the indiviual and only shown/given to HMRC when and if they request it?

Hi HMRC, The form 17 is not applicable in this situation. The property is owned by 3 individuals who have a different benefitial split than an equal 33.3% share each. Therefore the form 17 can not be used for this situation and so no form 17 to be submitted to HMRC. I have been told in this situation there is no need to submit anything and if HMRC ever question the difference in beneficial interest in this property in respect to declaring the rental income of it or when selling and declaring capital gain taxes, then will need to supply/show them the Deed which had been done if requested. Can you confirm this is the case as form 17 does not apply to this situation and we dont need to send a copy of the deed to hmrc, only send the deed if requested at any point?

Hi HMRC admin, Can you please confirm whether I need to send this Declaration of trust to HMRC even if it was done almost 2 years ago? Or do we hold onto it and supply when/if requested by hmrc?

Dear HMRC, I would be grateful for definite answer to my confusion. There is a rental property which has 3 owners and all 3 are listed on the land registry for the property as tenants in common. A Declaration of trust was done a while back which gave 100% beneficial interest to only one of the owner of the property. Therefore 100% of rental income was all declared by this one owner with 100% benefitial interest and self assessment tax returns done accordingly. The advice at the time was we do not need to notify HMRC regarding this Declaration of trust with this beneficial split of 100/0/0 unless they request for it. However I have been recently told by a source that you do need to inform HMRC of this split. After much recent research and talking to different accountants and also reading the HMRC admin advice on various threads on this forum, the advice is still conflicting/contradictory on whether to inform hmrc of this arrangement or not or leave until/if hmrc requests for it. 1) Can you please confirm whether I need to send this Declaration of trust to HMRC even if it was done almost 2 years ago? 2) can you also confirm for our situation, if a form 17 is required or not. To my understanding, form 17 is solely for "joint ownership" by spouses. Our situation is 3 owners who are "tenants in common". The 3 owners are husband, wife and 3rd person being a relative. Thank you