Hi all,
I have a property jointly owned by my wife and I, we will be moving out of the house and renting it. She doesn't work and I would like to pas the rental income to here. It has been suggested to do a deceleration of trust giving my wife 99 share so that she receives the majority of the income.
I've looked into this a bit further and have been informed to look at forms 41G setting up the trust and complete 17 to declare beneficiary interest.
Form 41G cover the Trust details, do I need to go through a solicitor or similiar professional or can I do it myself, which fields are appropriate if I can do it myself and need to declar the %.
https://www.gov.uk/government/uploads/s ... _08_15.pdf
Once I have Form 41G completed I then goto Online Form 17 - Declaration of beneficial interests in joint property and income
https://public-online.hmrc.gov.uk/lc/co ... ate=17.xdp
I assume because we have completed a 41G form regarding deceleration of trust where my wife now has 99% share and I have 1%, we therefore own the property in unequal shares and can complete Form 17?
Below is what they say are the reason for filling out this form,
*************
When to fill in this form
You can use this form to declare a beneficial interest if you hold property jointly
and
• you actually own the property in unequal shares, and
• you are entitled to the income arising in proportion to those shares, and
• you want to be taxed on that basis.
Do not fill in this form about:
• income to which neither of you is beneficially entitled
• partnership income
• income from commercial letting of furnished holiday accommodation
• income from shares in a close company
• income which for tax purposes is treated as income of a third party, even if the income arises from property held in your joint names
• property held as beneficial joint tenants where you are both jointly entitled to the whole of the property and income
• property that is not held in unequal shares (you cannot choose to have the income taxed on an unequal basis because you think it would be to your advantage).
**************
Any help, advice or suggestions would be much appreciated.
Regards
Michael
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