Declaration of beneficial interests in joint property.

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    Declaration of beneficial interests in joint property.

    Hi all,

    Many thanks to all for your contributions, this site have been a wealth of information.

    My wife and I jointly own eight houses which we let out, she is due to finish work shortly and we would to like to take full advantage of her tax allowances. In order to share the beneficial interest say 99% - 1% I believe a form 17 together with a deed of beneficial interest requires to be sent to HMRC. I foresee the knowledgeable advice will probably be to use a solicitor to draw up the deed but I would like to do it myself and take the risk. Can anyone point me to a pro-forma or example of a declaration of beneficial interests?

    Many thanks in anticipation.

    #2
    The risk is that if it goes wrong you can not hold anyone liable. A solicitor will ensure it is right and not make the declaration irrevocable.
    Remember you need a Declaration of Trust for each property.
    Regards Peter

    Comment


      #3
      So pay a solicitor to do the first DOT and then copy same wording for self prepared DOT for the other 7 properties ?.

      Comment


        #4
        That's a good idea.

        Ray, if you do use a solicitor, can you let us know the cost of the DOT? I need to get one done too.

        Many thanks

        Comment


          #5
          I too would be interested in the charge.

          I have done a few for clients, but told them to get it checked/witnessed by their solicitors.

          Comment


            #6
            Many thanks for the replies so far, TaxationPete - thanks for the advice that I need a DOT for each property and Gordon999 I like your thinking.

            If I do use a solicitor I will let you know the cost but I'm hoping not to have to. Taxlandlord on the RLA site who is an accountant charges £39.

            I have Carl Bayley's book on How to Avoid Property Tax makes no mention of a DOT which seems surprising.

            King_Maker,(being cheeky!)any chance of an example?

            Comment

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