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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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?
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.
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?
