TL827

Hi, I'm a UK resident, and this is regarding a joint account I intend to open with my brother (who is not a UK resident), in an overseas bank. I understand that under normal circumstances, I would be liable to tax on 50% of the gains (interest and dividend income, and capital gains tax when an asset in the portfolio is sold). However, we wish to alter this arrangement such that I pay tax (in the UK) on the entire 100% of the gains instead of the 50/50 split. I understand that this can be achieved if we prepare a valid declaration of trust, in order to indicate that while we are both legal owners, beneficial ownership will be solely in my name. My questions are; 1) I believe a Form 17 is not required, as we are not spouses. Is this correct? 2) Should I keep the declaration of trust document in my possession until I am asked for it by HMRC, or does it need to be posted to HMRC? 3) Am I correct in understanding that this type of arrangement does not require registration, such as with the Trust Registration Service? 4) Am I correct in understanding that the only impact this will have on my self-assessment is the increase in reported gains (to 100% of gains instead of 50%)? My specific concerns are whether there will be any additional impact on the types of tax due, the tax structure, or the need to fill out any additional forms? Thank you

Hi, I'm a UK resident, and this is regarding a joint account I intend to open with my brother (who is not a UK resident), in an overseas bank. I understand that under normal circumstances, I would be liable to tax on 50% of the gains (interest and dividend income, and capital gains tax when an asset in the portfolio is sold). However, we wish to alter this arrangement such that I pay tax (in the UK) on the entire 100% of the gains instead of the 50/50 split. I understand that this can be achieved if we prepare a valid declaration of trust, in order to indicate that while we are both legal owners, beneficial ownership will be solely in my name. My questions are; 1) I believe a Form 17 is not required, as we are not spouses. Is this correct? 2) Should I keep the declaration of trust document in my possession until I am asked for it by HMRC, or does it need to be posted to HMRC? 3) Am I correct in understanding that this type of arrangement does not require registration, such as with the Trust Registration Service? 4) Am I correct in understanding that the only impact this will have on my self-assessment is the increase in reported gains (to 100% of gains instead of 50%)? My specific concerns are whether there will be any additional impact on the types of tax due, the tax structure, or the need to fill out any additional forms? Thank you