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Form 17 joint property

Form 17 for couple who want to change the profit share to 90%-10%

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I have a client who was advised by previous accountant that they can change the profit share to 90%-10% by filling out form 17 pretty easily. Having read about this, it does not seem straightforward, any advise on this? If the form is accepted, the effective date would be from acceptance date and there cannot be any backdating of tax liability, correct?

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Jennifer Adams
By Jennifer Adams
14th Nov 2018 18:52

Oh how many times have we heard this? As jcace says
-suggest you/they read this article on the subject:
https://www.accountingweb.co.uk/tax/personal-tax/property-tax-form-17-ge...
which states:
"Again it is a misconception that all that has to be done is to submit a form 17 to HMRC and the profit is taxed at a different split to the default 50:50."(married owners)... and...
"Form 17 is irrelevant to unmarried owners of joint property however held."
The article also tells you the practicalities of submission if possible

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