HMRC Admin 8

Hi,
If you hold a joint bank account then HMRC would expect to see the interest amount split in a 50/50 share based on the level of interest received. Firstly, I would advise to look at HS300 as this covers non-residents and investment income which may give more in-dept information to your situation.
You may include service charge as a deductible expense if they have been incurred wholly and exclusively for the rental property, found at:
PIM2010  under Box 27 “Legal, Management and other professional fees”.
As mortgage interest is dealt with differently to other expenses, when the interest figure is declared, you will receive relief as a basic rate reduction in Box 44.
Further guidance is attached here:
Restricting finance cost relief for individual landlords
Thankyou.

Hi,
In relation to whether a SEV Form/ restriction to change to tenants in common, as transfer of deed is not taking place, we would expect that this would not be necessary but we would advise to contact the Land Registry direct as this forum is based on income from property queries.
As the property is held in joint names and you wish to declare uneven interests, the Form 17 would be the appropriate form to complete alongside the declaration of trust/ deed of trust.
Thankyou.

Hi,
Yes, you are correct that a declaration of trust may be created to transfer beneficial interest in the properties to your wife within a 60 day period of the declaration being signed.
Thankyou.

Hi,
Although the rental income figure does not exceed the £7,500 exemption, you would still be required to report the income amount, to which when specifying you qualify under Rent-A-Room relief, you would tick the box stating your income does not exceed the £7,500 exemption.
Thankyou.

Hi,
Yes you are correct, your wife would declare her share of the rental income through their individual self-assessment tax return, not from the trust. Although no income was received through the Trust, we would advise to submit the self-assessment tax return for the trust account in addition.
Thankyou.

Hi,
Yes that is correct based on the date the deed of assignment is signed.
HMRC would expect to see both the rental income and any expenses incurred reflected based on the percentage split shown in the deed.
We can confirm that although you do not need to send a copy of the deed of assignment,  we would advise to keep hold of a copy as HMRC may request sight of this in the future.
Thankyou.

Hi,
Based on the information provided, we assume you are referring to help sheet HS223 which outlines various scenarios.
Looking back at previous responses to your query,  we believe the recommendation to tick “no” would refer to if the level of income falls below £7,500, to which as indicated, would not be the case, so ticking “no” would be the correct action to take.
Using Option A, you would combine both rental profits together and insert it as one amount under total rents on the following page of the online tax return, as there is no functionality to declare profits as two separate incomes.
Thankyou.

Hi,
As outlined in your question and the previous responses on the matter quoted above, we would advise that the advice given is correct,
We would suggest completing a deed of assignment so that the corresponding beneficial interests can be reflected within our records for both parties. Thankyou.

Hi,
We would advise in the first instance to complete a Form 17 to declare beneficial interests in the property based on the percentage split you wish to declare for each individual, i.e. in this instance, 0%/100% split.
We have attached a link to the Form 17 as well as guidance which may provide additional support on your situation:
TSEM9852
In regard to the Property Income Allowance, the £1000 allowance is given to each individual to use against business profits, or expenses, whichever is more beneficial to yourself.
Thankyou.

Hi,
We have attached a link which may go some way to giving an explanation. However if you need more specific advice we would suggest you should call HMRC on 0300 200 3310:
Capital Allowances Manual
Thankyou