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    • danfitzjohn
    • By danfitzjohn 7th Jul 17, 9:39 PM
    • 23Posts
    • 2Thanks
    danfitzjohn
    Declaration of trust - implications?
    • #1
    • 7th Jul 17, 9:39 PM
    Declaration of trust - implications? 7th Jul 17 at 9:39 PM
    Hello all

    We have been living overseas, own 3 buy to let houses in U.K. outright and have recently returned to the UK. As I am working full time and my wife isn't, in order to reduce taxable income we have been advised to take out deceleration of trust for 1.5 of the 3 houses we own (I own 1.5 houses on the deeds and visa-versa for my wife)
    The process seems fairly straightforward however I am just a bit cautious of the implications in case we were to get divorced in the future? Would this 'automatically' give my wife ownership of the 3 houses? Or if not is it more likely she could claim for all 3 houses?

    Obviously we're not even thinking about this but just looking to get a better understanding before going through with the decelerations.

    Any advice much appreciated!

    Thanks

    Daniel
Page 1
    • 00ec25
    • By 00ec25 7th Jul 17, 11:34 PM
    • 4,291 Posts
    • 3,629 Thanks
    00ec25
    • #2
    • 7th Jul 17, 11:34 PM
    • #2
    • 7th Jul 17, 11:34 PM
    even when married you cannot make a declaration of trust in respect of the beneficial ownership of a property where there is no underlying legal ownership

    of "your" 3 properties, only one is jointly owned and, provided it is owned as tenants in Common (not as Joint tenants) that is the only one on which you can make a declaration. For each sole ownership property the legal ownership is vested in you or your wife respectively, neither of you can now suddenly say that you really meant you're holding on trust for the other person.

    given your many posts to do with your property empire over the last 3 months, isn't it time to get proper advice from a professional given your obvious need for accurate and comprehensive advice on UK tax now that you live here instead of abroad in a tax haven and have substantial UK wealth to plan for.
    Last edited by 00ec25; 07-07-2017 at 11:37 PM.
    • ThePants999
    • By ThePants999 8th Jul 17, 7:55 AM
    • 710 Posts
    • 791 Thanks
    ThePants999
    • #3
    • 8th Jul 17, 7:55 AM
    • #3
    • 8th Jul 17, 7:55 AM
    we have been advised to take out deceleration of trust
    If you're married, I'd actually advise you accelerate your trust.
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