Husband and wife own a property in joint names but have previously made a Form 17 declaration to reflect beneficial ownership. If they wish to revert back to the default 50/50 position do they need to notify HMRC that they no longer wish to adopt the beneficial split or can they just allocate half each on their SA returns ?
Many thanks
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Beneficial interest
If the beneficial interest in the property has genuinely changed, the election for an unequal split on Form 17 no longer applies, as set out in s.837(5) ITA 2007.
Has there been a change in the beneficial interests of H & W or is it just a case that they now think they would save tax on a 50:50 split? What you need is not another Form 17, but evidence of a change of beneficial interest either with a Deed of Trust or an amended entry on the Land Registry.
No,
How did you change the beneficial Interest the first time. You can not just submit a Form 17 at will. Regards Peter