Modifications to DoT linked to Form 17

[Martintaxes]

Hello AlI,
Its been a while since you kindly advised about DoT on rental property for me.
My wife and myself would like to make a small modification to the deed in terms of the ownership terms. We presently are tenants in common with a legal and beneficial ownership set at 1%/99% in her favour. This is purely for income tax purposes as I am a high rate tax payer.

My questions are:-

1. Can we 50/50 legally own and 1%/99% beneficially own the property for HMRC Form 17? I seem to recall that Form 17 forces you to have the same legal/ beneficial ownership, although I read that this may have now changed on the form.
2. I also read recently that you can modify a DoT without the need to re-submit a Form 17. So we could modify the DoT, meeting the above requirements, and just proceed according to the new declaration from the date that the DoT is officially completed. Is this correct? This seems strange!

Thanks in advance, and sorry if I missed a similar thread already, I couldn't pick it up on a search.
Thanks,
Martin.

[bd6759]

What do you think it means to own something 50/50, and why do you think that meaning is different from beneficial ownership?

If you have created a document solely for HMRC purposes, that is bordering on fraud. The document you give to HMRC must reflect the correct position.