Joint Ownership or Simply Deed of Trust?

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    #1

    Joint Ownership or Simply Deed of Trust?

    Hi

    I am sole owner of a property which I am about to sell. I got married two weeks ago and I understand to utilise both mine and my husband's capital gain tax, we have to have a deed of trust drawn up by a solicitor prior to sale going through.

    Do I also need to have the ownership of the property changed into joint names or is the 'deed of trust' enough to satisfy HMRC?

    Also, does the 'deed of trust' have to be sent to the tax man or is it just held on file at home?

    Many thanks
    Tags: None
    #2
    Is it an investment property, or has it been your home at any time?

    Comment

      #3
      Hello King_Maker - it's an investment property and it has never been my home at any time.

      Comment

        #4
        A DoT (Declaration of Trust) should suffice to transfer a share of the beneficial interest to you husband. His share of the sale proceeds should go into his own bank account.

        The DoT does not have to be sent to HMRC, unless requested.

        Form 17 would not be required.

        Comment

          #5
          When contemplating something like this you need to take advice from a tax professional who knows your and your husband's financial position so that they can advise the best thing to do and how to do it. It may be that doing what you propose is not the best thing or that it achieves little or nothing.

          Comment

            #6
            "which I am about to sell." Have you echanged contracts yet. Very Important. Regards Peter

            Comment

              #7
              Hi TaxationPete

              No, not exchanged yet - I haven't even formally accepted any of the offers yet. Still negotiating. I did ask my accountant and he advised the DOT. However, I didn't ask anything further like, should I also transfer property into joint ownership. I now know that isn't necessary - so an expense spared!

              I went onto government website and had a little read about DoT. It appears straight forward and doesn't say anything about the DoT having to be drawn up by a solicitor? Perhaps it is best to have it done this way, just as proof that a DoT did exist prior to sale of property?

              Also, I think I could draw up my own DoT and get a Commissioner of Oaths to witness it as this is simply a £5.00 fee. Anyone have views on this?

              Many thanks

              Comment

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