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The legal and tax principles behind the declaration of interests in jointly owned buy-to-let property and the use of HMRC’s form 17.
KEY POINTS
- An end of year tax review should consider the division of rental income between spouses and civil partners.
- If there is a disparity between the tax rates of property-owning married persons or civil partners review who should receive future rental income.
- Is the legal title in the sole or joint names of the couple?
- The benefits of a declaration of trust to reflect a change of beneficial interests.
- If necessary submit form 17 to HMRC within 60 days.
- Form 17 does not change the division of rental income it notifies HMRC of the existence of an unequal split.
- Consider...
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