Harbs

Hi HMRC, Thank you for replying. I have come across other responses to people's questions from hmrc admin on this forum where the hmrc admin seems to accept a "deed of assignment" in order to transfer beneficial ownership? Can you please double check this?

Thank you for the prompt reply. I have noticed you mentioned Declaration of Trust. I have done a deed of assignment. My solicitor has said both a declaration of trust and deed of assignment are accepted by HMRC for this purpose. I can assume the same answer ie there is no need to send a copy of the deed of assignment to HMRC and I should keep a copy in my records in case HMRC ask to see it at a later date? Thank you

Hi Admin, I own a rental property which is solely in my name in the title deeds and the mortgage of it. I am working full time and I am a higher rate tax payer. My wife,whom is a lower rate tax payer, takes care of the running of the property and deals with any issues with the tenants. I wish to assign 100% beneficial interest of the property to the wife. Therefore she declares all the rental income for it and pays the tax on it accordingly. My accountant and a solicitor have said this is possible by doing a deed of assignment which transfers all the beneficial interest to her. The solicitor has said this deed of assignment kicks in as soon as it is witnessed and signed by all parties. Form 17 does not apply to us as the property is solely owned in my name only. However, my solicitor said once deed of assignment is done it will assign all beneficial interest to the wife from that point onwards and there no need to send to HMRC unless they request for it at any point in the future. But my accountant has said it may need sending to HMRC once done. Can you confirm if I need to send the deed of assignment to HMRC or not? There is nothing in your manuals/guidance pages to suggest if it needs to be sent to you or not. Thank you