Annette White

After transferring (by way of title deed) the legal ownership of a commercial premises from a joint ownership between spouses to a sole ownership of just the husband by way of gift in the absence of a mortgage and no stamp duty is due, is there a requirement to inform HMRC for the rental income to be accounted in the husband's SA?

Can trustees pay income tax on trust income to HMRC during the year in real time, or only once a year when submitting the trust self-assessment? If only once a year, can beneficiaries claim a tax refund in their self-assessment in the same tax year when the trustees pay tax due in the trust's self-assessment for the first time? If not, is there always a timespan of 12 months needed before beneficiaries can claim a tax refund from the trust's tax pool of the first year?