pikey76

Hi, Thanks for the reply. And would the tax implications for a declaration of trust be the same as those for a deed of trust as you described earlier? "The date the deed of trust is signed and witnessed, becomes the date in which liability for the income will change. Therefore, you will be liable for rental income received from the 6 April to the date the deed is signed. Then it is the responsibility for each beneficial owner to declare the income accordingly." I just want to be sure the full rental income will be transferred to my son, and not the post tax rental income. I don't want us to pay tax twice on this income obviously. Thanks again. Best Regards.

Hi, Thanks for the reply. I wasn't aware I would need to complete a deed of trust and update the property deeds. Is it not possible to write a simple declaration of trust as described in TSEM9520 to transfer beneficial interests (rental income) to my son and yet retain legal ownership? Best Regards.

Hi, I own a propertry that is let. I would like to make a Declaration of Trust to transfer 100% of the rental income to my adult son. My question is regarding the rental income for taxation purposes. Will the transferred rental income be pre tax or post tax? I read somewhere that I can only transfer post tax income, which makes me question whether the income will be taxed twice - once on my Self Assessment and then on my son's. I hope this makes sense. Best Regards.