HMRC Admin 10 Response

Hi
I would advise contacting the Customs and International trade helpline on 0300 322 9434 with your query.
Thankyou.

Hi Karla Tully
Thank you for your question.
There are times when no tax reduction will be given in respect of the finance charges.
For example if you have made a loss on your rental income because of other expenses no tax reduction will be given because no tax has been charged on the income.
In this case you would have to carry forward the unused finance charges.
The following link gives examples of when no tax reduection will be given or it is reduced.
Tax relief for residential landlords: how it's worked out
If you think your calculation should have included a tax reduction in respect of your finance charges then please phone us to discuss.
Self Assessment: general enquiries

Hi Susan Wong
Thank you for your question.
The declaration of trust does need to be a written document.
The following guidance gives further information.
Ownership and income tax
I would also refer you to the following guidance if you are only transferring the income to your wife as the settlements legislation may apply. Settlements legislation
A declaration of trust is a legally binding document that creates a trust.
Most types of trusts giving an interest in property to somebody who is not the legal owner now need to be registered with HMRC via the Trust Registration Service.
You can find guidance on the registration requirements and how to register here :
Register a trust as a trustee
There’s also more information about what type of trusts need to be registered at :
Types of trust that need to be registered