Tax Questions

		Statistics	Last Post
Set up Limited Company last April do I need to send tax return? by mrs. sparkle Started by mrs. sparkle, 20-01-2020, 11:13 AM	7 responses 96 views 0 likes	Last Post by jpkeates 22-01-2020, 13:14 PM
rental property and stamp duty for adding spouse by mathews Started by mathews, 03-01-2020, 11:29 AM	11 responses 208 views 0 likes	Last Post by Kape65 21-01-2020, 20:48 PM
How can I dispose of a property in a cheap tax efficient way? by SnowyDays Started by SnowyDays, 18-01-2020, 22:30 PM	5 responses 129 views 0 likes	Last Post by jpkeates 20-01-2020, 16:27 PM
Transfer beneficial interest by drdes Started by drdes, 19-01-2020, 08:47 AM	2 responses 78 views 0 likes	Last Post by jpkeates 19-01-2020, 10:19 AM
Entrepreneur's Relief for refurb + let investment, CGT by Farrella Started by Farrella, 18-01-2020, 20:56 PM	2 responses 54 views 0 likes	Last Post by jpkeates 19-01-2020, 10:09 AM
Changes to CGT When Selling a Previous Residential Property by Claymore Started by Claymore, 18-01-2020, 12:17 PM	3 responses 96 views 0 likes	Last Post by AndrewDod 18-01-2020, 19:49 PM
Filing Tax For First Time by beccajohnson Started by beccajohnson, 18-01-2020, 13:55 PM	3 responses 66 views 0 likes	Last Post by Gordon999 18-01-2020, 16:20 PM
Buying 2nd home to live, & converting 1st home to BTL - extra stamp duty on 2nd home? by endlessfees Started by endlessfees, 17-01-2020, 14:14 PM	2 responses 59 views 0 likes	Last Post by endlessfees 18-01-2020, 08:56 AM
Tax relief on BTL Mortgage Fees by MickyV Started by MickyV, 17-01-2020, 08:10 AM	3 responses 74 views 0 likes	Last Post by jpkeates 17-01-2020, 12:16 PM
Tax efficient way to extract money out of limited company BTL by LdnLandlord Started by LdnLandlord, 12-01-2020, 16:51 PM	2 responses 92 views 0 likes	Last Post by MickyV 17-01-2020, 07:58 AM

Changing from Joint Tenants to Tenants in Common for a Declaration of Trust

by areynolds

Hello all,

I hope you're keeping safe and well during these strange times.

I'm looking for some advice in relation to changing from joint tenants to tenants in common. My brother and I currently hold a property that has no mortgage on it as joint tenants. We wish to put a declaration...
- Channel: Tax Questions
03-04-2020, 10:37 AM
Reply to Changing from Joint Tenants to Tenants in Common for a Declaration of Trust

by jpkeates

Can they do that with a 99% share of their" half"?
- Channel: Tax Questions
03-04-2020, 22:11 PM
Reply to Changing from Joint Tenants to Tenants in Common for a Declaration of Trust

by Lawcruncher

If

(a) you and your brother both wish to give your shares in the property to your respective wives so that they each hold half of the property as tenants-in-common; and

(b) you and your brother wish to continue to be the registered proprietors at the Land Registry,
...
- Channel: Tax Questions
03-04-2020, 20:23 PM
Reply to Changing from Joint Tenants to Tenants in Common for a Declaration of Trust

by jpkeates

No, I meant an actual company (a management company usually can't charge enough to make it worthwhile for tax before it stops being a credible arrangement.)

Anyway, I understand a bit more now, but I don't think I can see how you can do what you want - but then you have a proper tax advisor....
- Channel: Tax Questions
03-04-2020, 18:26 PM
Reply to Changing from Joint Tenants to Tenants in Common for a Declaration of Trust

by areynolds

I assume you’re referring to setting up a management company? So paying our wives via a company?Yes we are married. Our partners would not become landlords, or even owners of the property, just beneficiaries of the rental income. The cost of setting up a DoT is minimal in comparison to tax efficiency...
- Channel: Tax Questions
03-04-2020, 17:51 PM
Reply to Changing from Joint Tenants to Tenants in Common for a Declaration of Trust

by jpkeates

There are a number of options (and a trust may be the best solution).
The four of you can set up a partnership (or even an actual company) to let the property for example.

Are either of you married to your partner?

There's no need for a landlord to own the property they...
- Channel: Tax Questions
03-04-2020, 17:25 PM
Reply to Changing from Joint Tenants to Tenants in Common for a Declaration of Trust

by areynolds

We wish to make them beneficiaries so that they can receive a % of the rental income. This yields a certain amount of tax efficiency seeing as they are informal beneficiaries already and would also be beneficiaries should an owner die via the owners will. Are aware of another option other than a trust...
- Channel: Tax Questions
03-04-2020, 16:49 PM
Reply to Changing from Joint Tenants to Tenants in Common for a Declaration of Trust

by jpkeates

That's not really an answer to my question

Why do you want to do that - what benefit do you want to include / transfer and why?
Why are you so insistent on doing this via a trust - that's a solution not an aspiration?...
- Channel: Tax Questions
03-04-2020, 16:38 PM
Reply to Changing from Joint Tenants to Tenants in Common for a Declaration of Trust

by areynolds

My brother and I wish to make our partners beneficiaries of the property via a declaration of trust.
- Channel: Tax Questions
03-04-2020, 15:57 PM
Reply to Changing from Joint Tenants to Tenants in Common for a Declaration of Trust

by jpkeates

What are you trying to achieve (not what do you think you need to do to achieve it)?
- Channel: Tax Questions
03-04-2020, 14:23 PM

Latest Topics