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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 7990
Experience:  FCCA - over 40 years experience as a qualified accountant (UK based Practitioner)
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Is this advice free? I believe I can set up a declaration of

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Customer: I believe I can set up a declaration of trust with my husband on a property I solely own to help reduce tax in rental income (i am a higher rate tax payer).
JA: For which tax year do you need help?
Customer: It’s not yet started, in the future
JA: Is there anything else the Accountant should know before I connect you? Rest assured that they'll be able to help you.
Customer: Can you confirm if this is true, and do I need to send the declaration of trust and form 17 to HMRC?

Hello and welcome to JustAnswer. I’mCustomer a UK qualified accountant. Reviewing your question and will respond to you shortly.
Many thanks

Thank you for your question.

If you own a property in joint names with your spouse, HMRC assumes the financial interest in income and gain from property is shared equally.

You need to complete Form 17 if the beneficial interest is not 50:50. In summary, a form 17 should be completed if you own a property in unequal shares, you are entitled to the income arising in proportion of those shares, and you wish to inform HMRC that you wish to be taxed on that basis.

You can set up a declaration of trust with your husband on a property you solely own to help reduce tax in rental income.

You don't have to send declaration of trust if intended split is even.

My aim is to give you a professional service. I hope this is helpful and answers your question.

If you need more assistance, please use the reply box below and let me know. It has been my pleasure to assist you with your question.

Customer: replied 19 days ago.
Thank you. Bit confused. So I can set up a declaration of trust on property I own in the proportion 99% my husband and 1% me (as the higher tax earner). My husband will declare his income through self-assessment. But I don’t need to send declaration of trust to HMRC? Or fill out a form 17?
Customer: replied 19 days ago.
I own the property solely.

Thank you for your reply.

As I stated earlier 'You need to complete Form 17 if the beneficial interest is not 50:50'.

If you wish to make the split 99:1 to your husbnad then you need to send Form 17 with supported declaration of trust.

I hope this is helpful and answers your question.

Customer: replied 19 days ago.
Thank you, ***** *****

Thank you for your kind words.

If there are no other issues I will appreciate if we could regard my responses/answer to this question as accepted.

Many thanks

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Best wishes.