Vishal Gupta

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Saturday 24th August 2019

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Total Number of Property118 Comments: 1

Vishal Gupta

21:23 PM, 20th January 2020, About 2 years ago

Rental Income - Sole Owner's main residence?

Reply to the comment left by Neil Patterson at 20/01/2020 - 10:25
Thanks Neil Patterson and Michael Barnes for your responses. If I understood this process correctly, neither I need to submit the deed of trust to HMRC nor I need to inform HMRC by any other way that I have made my wife 100% beneficial owner. Is my understanding correct?

Does the "deed of trust" need to be written by a solicitor? The reason I am asking this question, I have called and their senior legal drafter confirmed that there is no SDLT payable in my case as my wife is not paying any consideration and her name would not be on the mortgage as well. I will remain the sole owner in land registry and on the mortgage. The amount of outstanding mortgage is £270,000.

Lastly, do I also need to submit my self-assessment even if I make wife 100% beneficial owner? I have employment income, but the tax is deducted by my company at source and don't have any other income, so I think in this case I don’t need to submit my self-assessment to HMRC.

Many Thanks
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