Changing the share of rental property

Changing the share of rental property

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Hi,

I haven't had to deal with this before but having looked through the HMRC manuals it seems to me that the couple can send in a FORM 17 to HMRC with a solicitors letter detailing the % of beneficial ownership each has in the property. Is that sufficient. Am I missing something? And do they have to have a solicitors letter or is Form 17 sufficient?

Many thanks,

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By stephenkendrew
14th Apr 2014 14:21

They will need....

to first of all sever the joint tenancy so that they become tenants in common. If this step isn't done then the share will be 50/50.

They will then need to either amend the title deeds to reflect the new ownership or complete a declaration of trust to demonstrate the new ownership percentages.

The form 17 together with a copy of the trust declaration or title deeds should be submitted with the form 17 to HMRC within 60 days.

 

 

 

 

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By cheethaz
14th Apr 2014 14:31

thank you so much - what do they need to do to become tenants in common or is that what the declaration of trust does/

 

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By Briar
14th Apr 2014 16:20

Can you have different income and benefical ownership?

Can you specify that income is split (say) 90:10 but capital gain is split 50:50?

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