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Where Taxpayers and Advisers Meet

Tenants in Common Form 17 needed?

NickPrice
Posts: 22
Joined: Fri Sep 11, 2015 12:39 am

Tenants in Common Form 17 needed?

Postby NickPrice » Mon Feb 13, 2017 3:56 am

Dear all,

1. I bought a new rental property with my wife. We are tenants in common with unequal shares (me 1%, her 99%). This was stipulated as we bought the property. Do we need to submit a Form 17?

2. We remortgaged an existing property, now becoming tenants in common with unequal shares (same as above). Do we need to submit a Form 17?

We have previously used a Form 17 when Joint Tenants and using a trust deed we assigned unequal beneficial interest. When now being tenants in common, I was hoping the unequal shares as declared as purchase/remortgage would be evident and no Form 17 might be needed, but I am happy to be corrected.

section 44
Posts: 4468
Joined: Thu Oct 30, 2008 12:47 pm

Re: Tenants in Common Form 17 needed?

Postby section 44 » Mon Feb 13, 2017 10:31 am

Do we need to submit a Form 17?
No. You will be taxed as if the rent is shared 50:50. If you want to be taxed on the basis that the rent is shared 1:99 then you would need to file form 17.


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