HMRC Admin 8
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Re:Rental income transfer to my wife
Hi,
In some cases, it will be made clear that the legal owner is not the beneficial owner.
The legal and beneficial ownership of property may be separated by a valid declaration of trust.
Please see the following:
Declare beneficial interests in joint property and income for completion and conditions of a Form 17 application.
This will be relevant to yourself and your wife.
Your sister will declare her income from property separately and cannot be included in any Form 17 application.
Thank you. -
Re: Tax on tenant in common land
Hi,
This may depend initially on the amount of income from property received and whether it requires a tax return.
It may also be that the expenses incurred are greater than the income received.
We would suggest you submit individual letters with a simple breakdown of income and expenses in each relevant tax year arising and we can advise you in turn.
Thank you. -
Re:Rental income from an overseas property, which is held by an administrator of estate
Hi,
Firstly, it would be necessary to know your residence status in previous tax year as the income form property (that we would usually handle/tax) will be your share only but this may be affected by your residence status also known as remittance basis.
If tax is suffered overseas then we need to also know the country involved to review the Double taxation agreement and who has charge of this income source.
Yes, please report the details to HMRC but please also provide the above details.
Thank you. -
Re:Share of expenses for live in landlords
Hi,
We apologise for any confusion caused. Please proceed using Method B and quote only the share of expenditure your tenants suffer againsst rent collected as you stated.
Thank you. -
Re:Major Works/Service Charge - Voluntary Prepayments - When to claim as expense
Hi,
Your referral is of such a nature that should be better suited to a letter for the attention of a tax inspector to review and hopefully approve particularly with the communal changes.
The refurbishment/improvement aspect requires examination.
We can therefore only re-iterate that at this time:
PIM2040 is for pre-payments of work to happen
Thank you. -
Re: Rental Profits & Council Rent Confiscation Order
Hi,
Yes, it is possible to make a claim under Overpayment Relief legislation.
Further information is available at:
SACM12005
Thank you. -
Re:Assignment of rental income to child over 18
Hi,
It is possible to assign the rental income to your children. The legal and beneficial ownership of property can be separated by a valid deed of trust. Further information is available at:
TSEM9150
Thank you.
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Re:Oversea rental income
Hi,
You & your wife are each allowed a UK personal allowance of £12570 if you both resident in the UK.
Thank you. -
Re:Deed of Assignment for rental income transfer in Scotland
Hi Qiman,
If you are the person paying the mortgage then you can claim the full mortgage interest relief against your share of the income.
Thank you. -
Re:Solicitor fee for calculating Capital Gains
Hi,
Yes you can claim the fee from 7 years ago. If your capital gains submission gets selected for an enquiry then our compliance team might ask for evidence of costs.
You would then negotiate and liaise with them.
Thank you.