Syed Tanjill Ahmed

Hello, I have another URGENT query: 1. How much we have to pay to HMRC for registering a declaration of trust ? 2. After registering the trust, will HMRC notify me that the registration is successful or will they provide any relevant notification ? 3. As you said no ownership change is required (to change income portion between us), but I want to show more rental income in my wife's tax return. Should I prepare a declaration of trust in this case?

Hi HMRC admin 21, You said that we should complete our tax return according to the income mentioned in 'Declaration of Trust'. In what case, HMRC might need to see the trust made by us ? Can we submit the trust to HMRC without form 17 ? What is the legal process to satisfy HMRC in case of sole ownership of property with multiple beneficiaries ?

Hi, Thanks for the previous reply. I have another property which is jointly owned by me and my wife (50-50 % share). I need information to make the following changes in my property business: 1. Total property rental income is £15,000 per year of which I receive £7,500 as I hold 50% share. I want to receive less income (e.g. £5,000) and give my wife the remaining £10,000 from upcoming months. Can I still do it being 50% owner of the property. Does it need any change in ownership? 2. If yes, should the £10,000 income be reflected in my wife's self assessment? I am not sure if we should submit FORM 17 with a declaration of trust as form 17 ensures beneficial ownership is equal to legal ownership (% of share). 3. Can I submit only declaration of trust to satisfy HMRC? If yes, how can I submit it without form 17? Is there any specific format given by HMRC on which the trust should be made ?

Hello. I am the owner of a property with 100% share. I want to transfer a portion of the rental income to my wife without transferring any ownership. If the rental income is £12,000 per year and I want to transfer £4,000 to my wife, How the income should be reflected in our self assessment? What additional documents should we submit to HMRC ? Is form 17 valid in my case ?