CGT on sale of house used solely for rentals

[Bluefox]

15 years ago my wife bought a house solely in her name, which she has always rented out and paid the tax on the rental income. We are now in the process of selling the house and two months ago used a Declaration of Trust to convert it to joint ownership, with a 50:50 split. We had the documents for this done by a solicitor but the property entry at the Land Registry remains in my wife's name. When we sell the house we wish to take advantage of two CGT allowances but it is unclear to me whether I need to complete Form 17 and submit to HMRC. Reading the instructions on the HMRC website it appears that Form 17 is only required if the split is not 50:50 but I would assume that they need to be informed that the property is now jointly owned.

[maths]

The conversion appears to be from sole legal and beneficial ownership by wife to joint legal and beneficial ownership (under the Declaration of Trust, 50/50).

No private residence relief appears available and thus no lettings relief is applicable.

By converting as above you gain an extra annual exempt amount and a possible reduced rate of applicable CGT.

No Form 17 need be completed.

No other information needs to be submitted to HMRC re change of ownership. In due course when you each declare any CGT charge on your respective Tax Returns HMRC may query whybwife has declared only 50% of any gain.
At that point you can then produce the Declaration of Trust.

I assume no mortgage? If there is, mortgagee should have been informed prior to change in legal title.

[Bluefox]

Thanks very much for the helpful information. There is a small mortgage on the property and we provided details of this to the solicitor who did the Declaration of Trust. He told us that because of the mortgage the Land Registry entry will remain solely in my wife's name until we sell.