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Property tax: Form 17 - Get the details right

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31st Mar 2016
AccountingWEB
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In the first of a new series of articles on property tax Jennifer Adams looks at some of the nuances involved in completing a form 17 declaration of joint property and income.

Many married owners of jointly owned rented properties assume that so long as they declare the profit on one of their individual tax returns then that is their legal liability done.

But as one AccountingWEB member recently recounted in Any Answers, this is not necessarily correct, particularly if there is an uneven split of income and the taxpayers may need to complete a form 17. In response to this and numerous previous queries, this article covers the basic requirements of form 17 and considers the options it provides for efficient tax planning.

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Replies (7)

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By Martin B
03rd May 2016 14:15

Property tax: Form 17 - Get the details right.
For future refrence

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By pablomole
31st Jul 2016 21:51

Why is form-17 not needed furnished holiday lets?

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Replying to pablomole:
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By lhodge
17th May 2017 13:26

Was this question answered? Interested to know the reason also.

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By pablomole
31st Jul 2016 21:52

Why is form-17 not needed furnished holiday lets?

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By NickBarratt
19th Aug 2017 17:51

What happens if we were originally unmarried tenants in common and agreed a non- 50-50 split with a declaration of trust. As I understood it, we did not need a Form17 at that point. However, we have subsequently become married. Do we now need a Form 17?

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By [email protected]
11th Jul 2018 12:41

Hi there
Is there any implication in regards to stamp duty by changing the beneficial ownership of the property by a Declaration of Trust?
Does it make any difference if the process if the property is mortgaged?
Thanks

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By Martin B
18th Feb 2019 11:17

Hi Jennifer. Just to clarify, If the Form 17 is not submitted within 60 days of the completion Declaration of Trust, does this mean a new Declaration of Trust required?

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