Hi HMRC Admin 17 thank you for your response, can you enlighten in the following situation please
my friend put 50% cash as his share towards purchasing investment property and i took out 50% mortgage on my name as my share. and when we create declaration of trust we put a clause that i am responsible for the mortgage payments and the mortgage is only on my name.
as i am paying mortgage from my share is it possible that i can use the whole mortgage interest expense towards my tax account
Hi HMRC Admin 2
the following was your response,
(Posted 2 months ago by HMRC Admin 2 )
Where there is evidence such as a declaration of trust that your friend is entitled to a share of the income, then it is not necessary for their name to be on any tenancy agreement.
How you split the share of any income from the property and how you split any expenses claimed, including mortgage interest payments, against that income is a matter between you and your friend. There are no definitive rules for this.)))
so my accountant is saying that income and expenses have to be split 50/50, he wants to know where can he find about the split of expenses as you have mentioned, in HMRC manual.
Hi HMRC Admin 20 this is the same question but previously I put it down incorrectly so it was misunderstood. so can you clarify it again please. I have purchased a property on my name ( the legal title is only on my name ). my friend put money towards the purchase but his name is Not in the legal title, ( NOT JOINT Names) so I have made a declaration of bare trust to split the rental income. Could you please help me with some questions 1) does my friend's name have to be on the tenancy agreement as a landlord with my name or only my name as a landlord can work? 2) the mortgage is only on my name, do i have to split the mortgage interest with my friend as an expense or only I can use it as the certificate of interest will be only on my name Thank you
Thank you HMRC Admin 17 Can you tell me what do you mean jointly owned? As I have mentioned the legal title is only on my name, Does this count as jointly owned? Thank you
Hi HMRC Admin 20 Thank you for your prompt response, You have mentioned (This guidance relates to a property owned jointly with a friend as mentioned in your question.) Just want to clarify that the property is only on my name ( only my name is on legal title) my friend is 50% beneficiary on the deed of trust Regards
Hi HMRC Admin
I have purchased a property with my friend, but the legal title is only on my name so i have made a declaration of bare trust to split the rental income. Could you please help me with some questions
1) does my friend's name have to be on the tenancy agreement as a landlord with my name or only my name as a landlord can work?
2) the mortgage is only on my name, do i have to split the mortgage interest with my friend as an expense or only i can use it as the certificate of interest will be only on my name
Hi HMRC Admin 10
I have sent a declaration of trust to determine whether it is valid as you have asked me to do, its been two months no response from HMRC so i called, but they can't find my documents it was posted recorded delivery.
i also have send form 17 in April they have all the documents but not dealing with it. so can you help me with these matters, please
can Uber driver (private hire drivers) run their business through LTD companey?
Thank you HMRC Admin17 and Admin 10
do i have to fill in any forms when i send DOT to HMRC to determine whether it is valid?
and how long does hmrc take to respond after receiving the DOT?
Thank you HMRC Admin 17
so my solicitor created DOT and witnessed it in 2018 it is 50/50 beneficiaries for me and my wife, but my accountant disagreed with DOT for the following regions
he said because the property is only on my name (sole Name) and the beneficiary is my wife HMRC will not accept it
so according to your responses, HMRC will accept DOT even though the property is in the sole name of the husband?
and can i use 2018 DOT or do i need new one?
Thank you very much for all your responses