Great advice, I really appreciate that. If the declaration of trust is declared between spouses before the high rate tax payer spouse go on to buy another property. Will this incur SDLT at a higher rate even though the first property is already 99% owned by basic tax payer spouse?
Hello Simon and Louise, Thank you for this information. We are expats living in France and hope to sell our UK property soon. We are looking at anything we can do to improve our position in paying CGT because we will also have to pay a share in France. The property is jointly owned - with a mortgage. As I do not work and my husband is a higher rate tax payer, we would like to transfer the property into my name (99%) prior to selling, we have recently obtained its value at April 2015 so hope to use this trick as well - anything else you can help us with?😉
Hi, might be a bit of a silly question but if a deed of trust is in place to transfer 99% of the rental income (from a BTL property owned by myself 100% with no mortgage) to a spouse who is a housewife and does not work, will a self assessment tax return need to be filled out at the end of the tax year for both me and my spouse? Currently I have an employed job and am a higher rate tax payer. Any help would be appreciated. Thanks.
If you are receiving rental income and you make a loss or a profit, it is often better to do a tax return. This is to demonstrate to HMRC that you have documented your income and expenses for tax purposes. If you have losses, you will be able to carry them forward to offset against future profits.
I'm so glad for your video! I reside in Italy since Oct 2020 and rent out a house in UK through an agancy. Very difficult! Could you do a video for overseas landlord, or advise for a link if already done, please? Communication with HMRC is a nightmare (covid plus!). Thank you.
@@UK-Property-Tax-Accountants Im not british I don't reside in uk i only rent my property there. If I try to do a online self assesment as a non uk residential oversea landlord seems like im not allowed. Seems like I don't have to do it. Am I correct?
@@UK-Property-Tax-Accountants thank you for your reply. I did, is over a year I try to contact them, yesterday I was put through back and forward few time between the self assessment dep and the oversea landlords because none would know the answer. As a non UK resident do I have to do a self assessment? the replay was "I beleive so" but if am trying to do it online there is no option (once I get in my account there is no way to go forward cos I would need the UK passport, which I obviously do not have) that make me think I do not have to fill any tax return. Apology for the long message. This is really frustrating also because I phone from abroad and is not cheap.
@@6labi4 You will need to pay tax on UK income. You should report and submit a tax return. If you are Italian or have a UK passport you will get the standard personal allowance. Tax is due if your net profit in one year exceeds the £12.570 personal allowance
Hi, I was recently told that because I am buying btl property with my husband as joint tenants we cannot transfer rental income on to my name and I need to change this to tenats in common with unequal shares. Is this correct, hmrc said to me that I need to just do declaration of trust and form 17 and I can keep joint tenancy. Many thanks in advance for your help.
Hi @Sylvia 81, I was wondering if you have managed to transfer your rental income as you were hoping? I'm in the same situation, but there is conflicting information on whether I need to change to Tenants in Comment (change the ownership structure) before Declaration of Trust and form 17. If you have managed to change the split of your rental income, please could you confirm whether you had to change to Tenants in Comment (if yes how) and was there any objections from the lender? Many thanks in advance.
@@alighasemi3417 Hi if you have filled the app as tenants in common you don't need Dec of trust only form 17. Dec of trust is applicable if you have property as joint tenants, so this will change into tenants in common.
@@sylvia8112 Thanks for your prompt response. we own the property as a Joint Tenant. To be clear, there is no need for severance of joint tenancy, using the Land Registry Form SEV? a number of conveyancing websites are suggesting this as the first thing to update the Land Register title using Form SEV. We can include this in the Declaration of Trust instead of completing the Form SEV form?
Hi If I own 100% of the property so no mortgage and I decide to 'gift' the property to my wife who has never owned a property before. What sort of tax implications will there be? Does my wife have to pay stamp duty etc? If so how much on a property worth £350,000?
Do get some tax advice from your accountants on this one. SDLT may apply. Her income tax will also be affected by the profits now made in her name. You need to put in legal documents in place and potentially HMRC forms
It amazes me how so many accountants simply do not tell their clients re this imbalance of income between spouses when say one is a non tax payer and the other part is basic or high rate tax payers . They are tax experts but yet they fail to give this basic ideas to their clients .
Accountants are not tax specialists and vice versa. Their qualifications and focus are very different. For example chiropodist wouldn’t deal with back pain. Bad example I appreciate but the notion works
@@UK-Property-Tax-Accountants agree but the fact remains that the public see chartered accountants as someone who gives advice on tax but reality is far from this ! The profession hide behind their perceived expertise
So just to confirm, if I have a BTL property, a total mortgage of £135k. I want to transfer 50% to my wife so I can use HMRC Form 17 and give her 99% of our rent as she’s a stay at home mum. I won’t need to pay stamp duty right? Thanks guys :)
@@UK-Property-Tax-Accountants do you mean increase my existing mortgage or change the mortgage debt by splitting it 50/50% with my wife? I have no plan or changing the mortgage value if that makes sense
Hi, I need some urgent advise from you please. How can I get in touch and become your client? My case below: I am a high rate tax payer My wife is housewife We have BTL property only in my name right now. I have a mortgage only in my name right now which is due remortgage in March 22. How can I transfer 99% to wife without incurring stamp duty and CGT? I will be so thankful!
Hi Mohammed, please book a tax call using the code CRM20 to get 20% off a tax consultation. optimiseaccountantsltd.as.me/optimiseaccountantstaxconsultation
![BLACK BAG - Official Trailer [HD] - Only in Theaters March 14](http://i.ytimg.com/vi/Du0Xp8WX_7I/mqdefault.jpg)
![Seungmin "그렇게, 천천히, 우리(As we are)" | [Stray Kids : SKZ-PLAYER]](http://i.ytimg.com/vi/kAzmhLHePqU/mqdefault.jpg)
Great advice, I really appreciate that. If the declaration of trust is declared between spouses before the high rate tax payer spouse go on to buy another property. Will this incur SDLT at a higher rate even though the first property is already 99% owned by basic tax payer spouse?
Couples will both pay the 3% SDLT when buying a subsequent property because they are married.
@@UK-Property-Tax-Accountants thank you for your reply
Thank you for sharing your insights! Very helpful! 👍✨
I am pleased you found it useful
Hello Simon and Louise, Thank you for this information. We are expats living in France and hope to sell our UK property soon. We are looking at anything we can do to improve our position in paying CGT because we will also have to pay a share in France. The property is jointly owned - with a mortgage. As I do not work and my husband is a higher rate tax payer, we would like to transfer the property into my name (99%) prior to selling, we have recently obtained its value at April 2015 so hope to use this trick as well - anything else you can help us with?😉
I think you have already captured all of your options to reduce CGT
Hi, might be a bit of a silly question but if a deed of trust is in place to transfer 99% of the rental income (from a BTL property owned by myself 100% with no mortgage) to a spouse who is a housewife and does not work, will a self assessment tax return need to be filled out at the end of the tax year for both me and my spouse? Currently I have an employed job and am a higher rate tax payer. Any help would be appreciated. Thanks.
If you are receiving rental income and you make a loss or a profit, it is often better to do a tax return. This is to demonstrate to HMRC that you have documented your income and expenses for tax purposes.
If you have losses, you will be able to carry them forward to offset against future profits.
@@UK-Property-Tax-Accountants Really appreciate the swift response ! Thanks!
Always welcome 🙏
I'm so glad for your video! I reside in Italy since Oct 2020 and rent out a house in UK through an agancy. Very difficult! Could you do a video for overseas landlord, or advise for a link if already done, please? Communication with HMRC is a nightmare (covid plus!). Thank you.
We have not done when yet but that sounds like a great idea
@@UK-Property-Tax-Accountants Im not british I don't reside in uk i only rent my property there. If I try to do a online self assesment as a non uk residential oversea landlord seems like im not allowed. Seems like I don't have to do it. Am I correct?
Please contact HMRC on +44 135 535 9022
@@UK-Property-Tax-Accountants thank you for your reply. I did, is over a year I try to contact them, yesterday I was put through back and forward few time between the self assessment dep and the oversea landlords because none would know the answer. As a non UK resident do I have to do a self assessment? the replay was "I beleive so" but if am trying to do it online there is no option (once I get in my account there is no way to go forward cos I would need the UK passport, which I obviously do not have) that make me think I do not have to fill any tax return. Apology for the long message.
This is really frustrating also because I phone from abroad and is not cheap.
@@6labi4 You will need to pay tax on UK income. You should report and submit a tax return. If you are Italian or have a UK passport you will get the standard personal allowance. Tax is due if your net profit in one year exceeds the £12.570 personal allowance
Hi, I was recently told that because I am buying btl property with my husband as joint tenants we cannot transfer rental income on to my name and I need to change this to tenats in common with unequal shares. Is this correct, hmrc said to me that I need to just do declaration of trust and form 17 and I can keep joint tenancy. Many thanks in advance for your help.
This is correct. Please see this videoruclips.net/video/2A4T8o6mqxo/видео.html
Hi @Sylvia 81, I was wondering if you have managed to transfer your rental income as you were hoping? I'm in the same situation, but there is conflicting information on whether I need to change to Tenants in Comment (change the ownership structure) before Declaration of Trust and form 17. If you have managed to change the split of your rental income, please could you confirm whether you had to change to Tenants in Comment (if yes how) and was there any objections from the lender? Many thanks in advance.
@@alighasemi3417 Hi if you have filled the app as tenants in common you don't need Dec of trust only form 17. Dec of trust is applicable if you have property as joint tenants, so this will change into tenants in common.
Spot on
@@sylvia8112 Thanks for your prompt response. we own the property as a Joint Tenant. To be clear, there is no need for severance of joint tenancy, using the Land Registry Form SEV? a number of conveyancing websites are suggesting this as the first thing to update the Land Register title using Form SEV. We can include this in the Declaration of Trust instead of completing the Form SEV form?
Hi
If I own 100% of the property so no mortgage and I decide to 'gift' the property to my wife who has never owned a property before. What sort of tax implications will there be? Does my wife have to pay stamp duty etc? If so how much on a property worth £350,000?
Do get some tax advice from your accountants on this one. SDLT may apply. Her income tax will also be affected by the profits now made in her name. You need to put in legal documents in place and potentially HMRC forms
hello. my wife works and is basic tax payer (and she would stay basic tax payer after DoT) . can I still do deed of trust on 50/50 rent money?
A date of trust can certainly help with tax planning
It amazes me how so many accountants simply do not tell their clients re this imbalance of income between spouses when say one is a non tax payer and the other part is basic or high rate tax payers . They are tax experts but yet they fail to give this basic ideas to their clients .
Accountants are not tax specialists and vice versa. Their qualifications and focus are very different. For example chiropodist wouldn’t deal with back pain. Bad example I appreciate but the notion works
@@UK-Property-Tax-Accountants agree but the fact remains that the public see chartered accountants as someone who gives advice on tax but reality is far from this ! The profession hide behind their perceived expertise
So just to confirm, if I have a BTL property, a total mortgage of £135k. I want to transfer 50% to my wife so I can use HMRC Form 17 and give her 99% of our rent as she’s a stay at home mum. I won’t need to pay stamp duty right? Thanks guys :)
You do need to ensure that you don’t change the mortgage debts to avoid SDLT
@@UK-Property-Tax-Accountants many thanks 🙏
You’re welcome
@@UK-Property-Tax-Accountants do you mean increase my existing mortgage or change the mortgage debt by splitting it 50/50% with my wife? I have no plan or changing the mortgage value if that makes sense
@@UK-Property-Tax-Accountants Thought husband need Not worry about SDLT if moving mortgage debt from husband to wife
I’m assuming I have to be married for this. Me and my partner have been together for 15 years.
Good reason to get married 🤩
Hi, I need some urgent advise from you please. How can I get in touch and become your client? My case below:
I am a high rate tax payer
My wife is housewife
We have BTL property only in my name right now.
I have a mortgage only in my name right now which is due remortgage in March 22.
How can I transfer 99% to wife without incurring stamp duty and CGT? I will be so thankful!
Hi Mohammed, please book a tax call using the code CRM20 to get 20% off a tax consultation. optimiseaccountantsltd.as.me/optimiseaccountantstaxconsultation
If you wish to enquire about our services in general please see here: www.optimiseaccountants.co.uk/become-a-client/