Letting-out existing home: use Declaration of Trust?

[feeona123]

Hi

Myself and husband are in the very early stages of thinking about renting our flat out in order to buy a house, due to huge property price losses.

1) I'm asuming that as the flat is in both of our names - we would both have to pay tax on the rent?!

2) If this is the case - we bought the flat before we were married and I put more of a deposit down than him and we had a declaration of trust drawn up and I owned a higher % than him. Could we use this so that I would pay more of the tax against the rental income? He will be on 40% tax next year, so it would be better for me to pay more of the tax.

Thanks

[TaxationPete]

How is the property owned. Was there a mortgage, are the deeds joint or tenants in common. Who drew up the Declaration of Trust. Regards Peter

[jeffrey]

How is the property owned. Was there a mortgage, are the deeds joint or tenants in common. Who drew up the Declaration of Trust. Regards Peter

As there is already joint ownership, the owners are joint tenants of the legal estate.
If there is already a Declaration of Trust, however, they've almost certainly made it a case of beneficial tenants in common.