Home > Legal Articles > Declaration of Trust for jointly owned rental properties

Topic: Tax


  • Kate Godber - Wills, Probate, LPA, Tax and Trusts
    Declaration of Trust for jointly owned rental properties
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    Did you know?   If you own a rental property with your spouse or civil partner but you don’t split the income equally between you both, there is a dedicated tax form to let HMRC know.   Usually, the shares of a property between two or more people are written in a “Declaration of Trust”:… Learn more

  • EHL Conveyancing Team
    Incorporation of buy-to-let businesses
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    Incorporation of buy-to-let businesses Many individuals with a property portfolio are now looking to incorporate as a company or LLP in order to be tax efficient. This is due to changes being implemented from April 2017 that will see landlords pay tax at a rate of up to 45% on the entire rental income they… Learn more

  • EHL Wills Team
    Estate Administration and the Nil Rate Band
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    Administering the affairs of a deceased person can be a long complicated business depending on the complexity of the estate. Following changes made to the taxation of estates in the 2007 married couples and civil partners are allowed to transfer any unused portion of their Nil Rate Band (IHT tax threshold) to the spouse or… Learn more

  • Paul Stubbs - Litigation
    Is Google’s Tax Criticism Misplaced?
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    The Public Accounts Committee (PAC) is calling upon HMRC to ‘fully investigate’ Google over the payments it makes to the UK state as corporation tax.  The call arises out of criticism that after generating £11.5bn in revenue between 2006 and 2011 Google paid only £10m in UK corporation tax for the same period. Put simply… Learn more

  • Leanne Hathaway - Tax and Trusts
    Buying a commercial property? Secure your entitlement to claim capital allowances on any fixtures.
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    Make sure that when you buy a commercial property you secure your entitlement to claim capital allowances on any fixtures. The changes to the capital allowances treatment of fixtures in commercial buildings has now been in place for a year.   These say that once an amount of expenditure on a fixture has been recognised for… Learn more

  • SDLT & Dividends in specie
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    There may be occasions where, rather than paying a dividend in cash, it is decided that a distribution of assets (often a property) would be preferable; this is called a ‘dividend in specie’. So long as there is no obligation to pay a dividend, no SDLT liability will arise because there is no chargeable consideration…. Learn more

  • The Importance of a Shareholder agreement
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    Shareholder’s agreements are essential in any company. They set out the rights of different shareholders to protect interests and investments in the company. Having shareholders agreements helps to avoid disagreements and quickly resolves issues that may arise between each shareholder. A small number of issues that may want to be covered in shareholders agreements include:… Learn more

  • Leanne Hathaway - Tax and Trusts
    The basic principles of agreeing a settlement of tax enquiries
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    In 2007, HMRC published the litigation and settlement strategy (LSS), which was revised in July 2011 following some key cases. The LSS sets out the principles and standards which HMRC should apply when settling disputes with taxpayers. The general principles include: Each dispute should be settled on its own merit. There should be no trade-off… Learn more

  • Leanne Hathaway - Tax and Trusts
    HMRC Enquiry Settlements: some flexibility is allowed after all
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    The High Court held that HMRC’s decision to reach a settlement with Goldman Sachs in relation to outstanding national insurance contributions (NICs) and interest thereon was not unlawful, as had been challenged through Judicial Review. This is a welcome decision as, if the decision had been different, it would have set a precedent that could… Learn more

  • Leanne Hathaway - Tax and Trusts
    What taxes do you pay?
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    A large proportion of your income may go towards paying taxes and typically it is estimated that around 35% of the money we earn goes on tax. Direct taxes such as income tax and National Insurance account for 20% of the money we earn. Indirect Taxes such as VAT, duty on alcohol and petrol and… Learn more

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