Michael Le Souris

Registered with Property118.com
Thursday 2nd June 2016

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Total Number of Property118 Comments: 1

Michael Le Souris

14:22 PM, 9th August 2016, About 5 years ago

Declaration of Trust twice?

Yes, it is possible to do a second declaration of trust varying the ownership of the beneficial interest ( a gift, effectively) but you do not say whose name the legal interest is currently registered in - you and your mother jointly? If it is owned jointly with your husband there is a special procedure unless you want to hold the income 50/50 - Google "Form 17" for the HMRC information on this. As Sam and Dave (wasn't that a band?) point out, the denial of loan interest full deductibility only comes in in a tapered way over 4 years and you will still get a basic rate credit. There is an example of how it will work in this article:
http://www.plantagenetpartners.com/income-tax-relief-restrictions-for-residential-landlords/... Read More