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Reversing declaration of Trust

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Hello there

If a husband and wife own property jointly, and enter into  adeclaration of trust (with form 17 filed with HMRC) to split the beneficial interest 99:1 - when this position is reversed, and they revert to 50:50 beneficial ownership is a further Form 17 required?  My assumption is not - they will just need a revised declaration of Trust.  

Anty thoughts?

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By Accountant A
30th Jul 2019 10:45

pjclar02 wrote:

Anty thoughts?

I think you are wrong.

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By pjclar02
30th Jul 2019 10:55

Thanks for the feedback - are you able to expand at all? I thought form 17 was to vary the beneficial ownership of property deemed owned jointly (i.e. 50:50). On the basis that husband and wife are now tenants in common, owning the beneficial interest 99:1 - then the form 17 to redefine the split would not be needed?

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By Accountant A
30th Jul 2019 11:04

pjclar02 wrote:

Thanks for the feedback - are you able to expand at all? I thought form 17 was to vary the beneficial ownership of property deemed owned jointly (i.e. 50:50). On the basis that husband and wife are now tenants in common, owning the beneficial interest 99:1 - then the form 17 to redefine the split would not be needed?

I imagine completing a new form 17, when you have gone to the trouble and expense of a putting in place a new D0T, would take less time than arguing the toss about why you might not need to.

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Stepurhan
By stepurhan
30th Jul 2019 12:55

You have told HMRC that the beneficial interest is split 99/1. Why do you think you would not need to tell them that is no longer the case?

I can sort of understand your thinking (Form 17 is intended to tell HMRC when the default 50/50 split is not appropriate, so using it to affirm a 50/50 split feels wrong) but how else do you propose telling them?

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