Deed of Trust not valid?

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    #16
    I certainly used to draft deeds by which the rent from property was assigned by husband to wife for a specific period to take advantage of the wife's allowance. I never heard that it failed but then (a) this was a while ago and (b) I never worked in the tax department, just drafted what they told me to draft.

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      #17
      Don't try it now. Trust me!

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        #18
        Mm.

        Deeds of Trust are already drawn up and my wife's tax allowance being used..

        Having read the tussle between Telometer and Kingmaker at http://www.landlordzone.co.uk/forums...-spouse-income, I will assume that the Form 17 issue is such a complex one and as such, I'll ignore it.

        I'll print out their thread if I end up in court to suggest it's beyond reasonable comprehension!!

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          #19
          You: Well, Your Honour, Telometer said this.
          Judge: Who said?
          Y: Telometer.
          J: errr, exactly who?
          Y: Kingmaker too.
          J: who are these people? Exactly?
          Y: Errrr....

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            #20
            I've been reading one of Carl Bayley's books (2012/2013) and he talks about transferring rents to family members to save of tax - i.e. to use up their tax free allowance.

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              #21
              A simple written agreement can do this but the income must remain with the sibling. If it is transferred to the owner then it will be deemed as tax evasion by HMRC. Regards Peter

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                #22
                Originally posted by Telometer View Post
                You: Well, Your Honour, Telometer said this.
                Judge: Who said?
                Y: Telometer.
                J: errr, exactly who?
                Y: Kingmaker too.
                J: who are these people? Exactly?
                Y: Errrr....
                Me: Well, your honour, I don't really know. They're just a couple of punters on this forum thing you see.

                Judge: Well I'm afraid, young man, that the opinions of 'a couple of punters' stand for nothing here. This is court of law and as such, anything you wish to raise to oppose HMRC's accusation of your tax evasion, must be based on fact and backed up as such.

                Me: Well I thought of that back when this all started, your honour. You see, I 'phoned the tax people several times and they gave me different answers all the time. Some asked me to email my queries but I never got no reply you see. I went onto the HMRC website and I couldn't find the exact answers there either. I was at me wits end your honour so I turned to this forum thing you see and I figured it's got thousands of people on it and someone must have an answer. Well it turns out that no one knew the answer 100% but the closest I could get was ol' Telometer and Kingmaker, your honour.

                Judge: So you admit you knew there was issue. Why didn't you seek professional advise. After all you do understand that it is your responsibility to take care of your own tax affairs don't you?

                Me: Yes your honour, I phoned three solicitors, and two accountants as well as talking to my own, and they said I should find more specialised folk in this area. God's honest truth your honour, try it now-Call HMRC, solicitors, accountants, HMRC website. You just can't find no answer.

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