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,
Replies (3)
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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.
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?