Previously, I believe it was possible to draw up a Deed of Declaration/Trust specifying that the income and capital in a property owned jointly by a married couple could be split in a ratio of, say, 45%/55% in the income, and 30%/70% in the capital and this would be included on form 17. The current interactive online form 17 only allows the income and capital split to be the same, i.e. both income and capital can be split other than half and half, but must be split the same (ITA 2007 s 837). Is this interpretation correct? I haven't seen any commentary on this either from other accountants or from the Revenue. Thanks
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HMRC commonly rejected "old
HMRC commonly rejected "old-style" form 17 submissions that gave a separate split for income and beneficial interest. And indeed, the HMRC manual states that this must be the case. See http://www.hmrc.gov.uk/manuals/tsemmanual/tsem9870.htm.
Some may have slipped by in the past (presumably poor checking of the paperwork by HMRC), but presumably that cannot happen now with the online form. I think you are stuck with the split that it specifies.