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    Default declaration of trust business partnership

    I have a customer who owns a mobile home park business in a partnership with her sister. She wants to set up a declaration of trust so that her father is also a beneficial owner as he loaned his daughters the money to by the mobile home park some time ago. The land registry is registered between her and her sister only. A small percentage of earnings each month is paid back to her father from the business for the unsecured loan.

    Because the partnership is receiving a monthly rental income, does hmrc need to be notified to adjust each partners self assessment tax from 50% each to 33.3% each?

    Thanks

    Charles

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    eek
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    Quote Originally Posted by Capitalgain View Post
    I have a customer who owns a mobile home park business in a partnership with her sister. She wants to set up a declaration of trust so that her father is also a beneficial owner as he loaned his daughters the money to by the mobile home park some time ago. The land registry is registered between her and her sister only. A small percentage of earnings each month is paid back to her father from the business for the unsecured loan.

    Because the partnership is receiving a monthly rental income, does hmrc need to be notified to adjust each partners self assessment tax from 50% each to 33.3% each?

    Thanks

    Charles
    You've posted this on an a forum where we can't answer that type of question. Try asking again on accountingweb....
    merely at clientco for the entertainment

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