I own three BTL properties with my wife (as joint tenants). A few years ago, for tax planning purposes I changed the beneficial ownershipship and income to unequal proportions. I was advised at the time to submit HMRC Form 17 and declaration of trust (DoT) as evidence to HMRC which I did.
I intend to make further changes..however now reading up there appear different interpretations as to whether a DoT is only valid for Tenants in Common and thus also requires a Joint Tenancy Act of Severance and register of this via Land Registry SEV form which was different to the original advice. In summary it is not clear to me whether the below 4 steps are needed or just 3&4 as previously advised,
1. As joint tenants complete a Act/Notice of Severance on the Joint Tenancy (formal document between my wife and I)
2. Register act of severance "Form A restriction: application to enter (SEV)"
3. Complete a Declaration of Trust to confirm unequal proportions
4. Complete HMRC Form 17
Please can anyone help clarify? Many thanks in advance
- Home
-
Tax News
- Budgets and Autumn Statements
- Income Tax
- Business Tax
- PAYE and Payroll Taxes, National Insurance, NICs
- Company Taxation
- Savings & Investments, Pensions & Retirement
- Capital Gains Tax, CGT
- Property Taxation
- Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
- Tax Investigations & Enquiries
- VAT & Excise Duties
- Stamp Duty, Stamp Duty Land Tax, SDLT
- International Tax
- HMRC Administration, Practice and Methods
- Professionals in Practice & Industry
- General
- TaxationWeb
-
Tax Articles
- Budgets and Autumn Statements
- Income Tax
- Business Tax
- PAYE and Payroll Taxes, National Insurance, NICs
- Company Taxation
- Savings and Investments, Pensions and Retirement
- Capital Gains Tax, CGT
- Property Taxation
- Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
- Tax Investigations & Enquiries
- VAT & Excise Duties
- Stamp Duty, Stamp Duty Land Tax, SDLT
- International Tax
- HMRC Administration, Practice & Methods
- Professionals in Practice & Industry
- General
- Tax Tips
-
Tax Forum
- Income Tax
- Business Tax
- PAYE and Payroll Taxes, National Insurance, NICs
- Company Taxation
- Savings & Investments, Pensions & Retirement
- Capital Gains Tax, CGT
- Property Taxation
- Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
- Tax Investigations and Enquiries
- VAT & Excise Duties
- Stamp Duty, Stamp Duty Land Tax, SDLT
- International Tax
- HMRC Administration, Practices & Methods
- Professionals in Practice & Industry
- General
- Tax Jobs
- Get in Touch