Form 17 - transferring 99% to wife.

Edtough

"2.1 Beneficial joint tenancy

Owning your property as beneficial joint tenants means the property belongs to you and the other owner or owners jointly. You must all act together as a single owner, for example on a remortgage or a sale. You do not own specific shares in the property and you cannot give away a share of the property in a will. If you die, your interest in the property passes automatically to the other owner or owners."



Does the bit in italics above mean a disproportional split (99/1) cannot be made a joint tenants?

booksurr

Edtough wrote: »

Ah yes, sounds a good idea; as JTs can we still split the share 99/1?

if you opt for joint tenancy as opposed to tenants in common then you would also have to set up a declaration of trust to establish that the income split is not 50/50. That declaration must then align with the Form 17 since the declaration is your "evidence"
http://www.hmrc.gov.uk/manuals/tsemmanual/tsem9851.htm

if you want to understand the implication of joint tenancy v tenant in common then go and see a solicitor as you are clearly completely out of your depth and a forum is not the place for legal advice on topics that affect how you and your wife could split the property in the event of, for example, divorce, one of you being taken into care or death

Edtough

Ok, have spoken to 2 solicitors now, who seem to know less on the subject than your good selves.

I have 2 questions please: if opting for Joint Tenancy, and setting up a declaration of trust that the income is split 99/1 with my wife and me (inline with form 17), can I still reverse the split when we come to sell in order to take advantage of my PRR? Or is reversing the split to take advantage of my PRR just before selling, only something that will work as Tenants in Common?


Secondly, I'm sure I'm being ignorant here, but having read this regarding dec of trust http://www.hmrc.gov.uk/manuals/tsemmanual/TSEM9520.htm, is this not enough for me to make my wife beneficiary of the property, without having to get her on the deeds?

Thanks.