What’s the process for creating a deed of trust to transfer rental income to spouse?Make Text Bigger
As a married couple we own a house which we have been renting out for the last 18months. As I am receiving an occupational pension and state pension that put me in the 40% tax band I wish to transfer the benefit of this property to my wife. I have read that a deed of trust will allow us to do this.
I have received a quotation of £350 from solicitors to prepare this and when I asked how this is then used to ensure HMRC accept the revenue has been transferred they stated “you should be able to produce the executed deed itself to HMRC as sufficient evidence of who is entitled to the income ”
Would landlords that are members of Property118 and that have executed deeds of this sort agree with this .
The solicitors then say if I need any tax advice or have any dealings with HMRC they would need to refer me to an accountant.
Since there are no firms that I am aware of that employ accountants and solicitors how do you ensure this works successfully?
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