Tom Evans

I received rental income on a property last year and I am in the process of completing self assessment to declare said income. The totals suggest that my first payment will include a estimated payment towards this year's tax. I no longer own an equitable interest in the property and will not have anything to declare for this tax year. Is there any way that I can adjust my online return to reflect that I will have nothing to pay for this tax year, and omit the estimated payment for this year from the previous year's total? Many thanks

I've spoken with several accountants today who have advised that I should be able to assign a proportion of beneficial ownership, without transferring legal ownership. They have suggested I produce a deed of assignment, rather than a declaration of trust. Please can you confirm whether a deed of assignment is acceptable for tax purposes, and will allow me to transfer beneficial ownership, without transferring legal ownership?

Thank you for the information. Just to confirm on answer number 3. Does this mean that I could, for example, transfer 5% ownership of the property to my partner, but specify that her share of profit and loss is 90%? Making her responsible for 90% of the income and myself for 10%? Would both the ownership share and profit / loss share just need to be detailed as part of a declaration of trust? Thanks again

Apologies, as I'm aware this topic has been covered numerous times. I'm struggling to get a clear understanding of what will be required in our situation. I currently own a rental property in my name alone. I am planning to produce a declaration of trust to give my unmarried, cohabiting, unemployed partner a 90% share of the property, to take advantage of her tax free allowance. Please could you confirm the below .. 1. Once the declaration of trust is produced, does it needs to be registered with HMRC's trust registration service? 2. Do I need to complete Form 17 and/or provide a copy of the declaration of trust? 3. Going forward, will income tax need to be paid via the trust? or will myself and my partner declare our relative income as part of self assessment? 4. If we choose to use the £1,000 property allowance, can we both claim this individually, for a total £2,000 allowance? 5. If we choose to declare expenses instead of using the £1,000 property allowance, are the expenses split according to our relative share of the property? and would this mean that neither of us could use the £1,000 property allowance? 6. The property was only purchased in 2022 and I'm confident that my allowable expenses far outweigh any increase in the property value. Will the declaration of trust require me to do anything in terms of declaring capital gains? 7. If the property is sold with the declaration of trust in place, is capital gains calculated for both myself and my partner, according to our relative split, based on the initial purchase price of the property? Many thanks