HMRC Admin 2
-
RE: Transfer of Unused IHT allowance to spouse
Hi,
Please contact the Inheritance Tax team for advice.
Inheritance Tax: general enquiries
Thank you. -
RE: Switch to UC
Hi,
Sorry, we can only answer HMRC questions on this forum.
Please contact the DWP for advice.
Thank you. -
RE: Masters' Students Working Hours and Tax Process
Hi,
Sorry, we can only answer HMRC questions on this forum.
Please contact UK Visas and Immigration for advice.
Thank you. -
RE: IHT - Is use of IHT415 interest in another estate required?
Hi,
Please contact the Inheritance Tax team for advice.
Inheritance Tax: general enquiries
Thank you. -
Online voluntary National Insurance payments service launches
Find out if voluntary National Insurance contributions will boost your State Pension.
Online voluntary National Insurance payments service launches -
RE: Declaring rent a room income when it is below taxable limit
Hi,
If you are required to file a return for other reasons, you need to declare all of your income, including your property income and Rent a Room relief you are claiming.
Thank you. -
RE: Deductible expenses following property transfer to spouse
Hi,
As per your previous question and the response given surrounding beneficial ownership and leaseholds, referring to the second point made, when retaining legal ownership of a property, you would remain liable to tax on any income arising from the rental business, which in turn would mean you would need to claim any expenses.
In order for your wife to be eligible to claim both the rental income and expenses, you would need to transfer legal ownership to your wife.
Thank you. -
RE: Landlords insurance, claims and expenses
Hi,
With regards to your mortgage not being a buy to let deal, this has no impact on your ability to claim the interest as residential financial costs not expenses.
You can find details of expenses you can claim here:
Renting out your property
Tax relief for residential landlords: how it's worked out
For help with completing your return please refer to our help pages here:
Self Assessment: UK property (SA105)
Thank you. -
RE: Declaration of Trust/Deed of Trust/Deed of Assignment – which one for rental income?
Hi,
You kindly explained that you are the 100% owner of the property/asset. In general law there are two types of ownership, legal and beneficial. The same person may be both legal owner and beneficial owner of the property, but there can be a separation of the two.
For land and buildings, the legal owner is the person/s in whose name/s the property is held or registered in the Land Registry (in England and Wales). The beneficial owner is the person for whose benefit the property is held. It is distinguished from the person in whose name the property is held (the legal owner). The beneficial owner is sometimes referred to as having a ‘beneficial interest’ in the property. The starting point is that the legal owner is presumed to be the beneficial owner unless there is evidence to the contrary The onus is upon the person seeking to show that the beneficial ownership is different from the legal ownership.
As we read your question, we cannot recommend a form 17 as this is in regard to creating unequal shares in a property that is owned jointly (presumed to be 50/50). There is no co-ownership so consequently a deed of trust will not be suitable. A change of ownership therefore requires Land Registry amendment.
Thank you. -
RE: Income from Overseas Properties can be split (90%:10%)?
Hi,
You are both entitled to claim the £1000 property allowance against your share of the income regardless of how the income is split.
For the income to be assessed on any basis other than 50/50 a declaration must be made on form 17. This must be accompanied by evidence such as a deed of trust to show that the property is actually owned in the shares shown on the form 17.
Declare beneficial interests in joint property and income
Thank you.