Hi all
My client has an investment property that is jointly owned between the client, his wife and two adult children. Each year the husband and wife have been transferring 12.5% of their share of the property to their children. At present, they each own 25% of the property. However, the client and his wife want to transfer an additional 12.5% of their share to their children as a gift before 05.04.17. Therefore, the client and his wife will have 12.5% share each and his two children will have 37.5% share each. The property is fully let out and there is no mortgage on the property so the issue of transfer of the share of another 12.5% is not a problem.
My query is that do I need to notify the land registry of this change? The first time the property share of 12.5% was transferred the land registry forms were completed but what I am unclear about is whether the client needs to keep doing this transfer every year? Is there a specific form that I need to fill in and send to them if applicable?
Usually we send a form 17 declaration of trust to the tax office if there is a transfer between husband and wife. Is there another declaration of trust form for transferring the shares to your children? If yes, where can I find this form? If no, do we simply amend the form 17 declaration of trust form to show that the transfers have been made to the children & send it to HMRC?
Thank you in advance for your help.
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