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Withdrawal of form 17

I want to withdraw form 17. Is this possible? If so, can it be backdated?

H&W own rental property 1:99. H was higher rate taxpayer and W basic rate, so Form 17 was submitted so that H taxed on 1% and W on 99%. Today H is basic rate and W is higher rate so we want them taxed 50:50 thus enquiry whether Form 17 can be withdrawn.

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18th Nov 2017 19:12

There is no way to withdraw but they can draw up a new DoT. When you draw up a new declaration of trust and lodge it with the land registry then the existing s837 election automatically ceases to have effect and the default 50:50 arrangement will apply until a further election is made. You just need to tell the client to go through the same process that they went through when they submitted the original DoT - they can either change ownership to 50:50 or any other share that is different from the 99:1.

Thanks (1)
to Tim Vane
19th Nov 2017 10:25

Thanks Tim, I couldn't find anything on HMRC's website about this at all. I'd phoned HMRC ADL and they didn't know either.

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