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Form 17
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JHG8
Posts: 1 Newbie
My wife and I own a rental property without a mortgage. My wife has recently retired and is now taxed in a lower tax bracket than I.
Currently we both fill in self assessment forms and declare a 50/50 split on rental income. We would like to change this to a 100/0 in my wife's favor. I understand that we will need to complete the HMRC Form 17. This form seems pretty straightforward but it mentions that we need to provide evidence that 'your beneficial interests in the property are unequal, for example a declaration or deed'.
Is a declaration or deed also straightforward? It it something that I can DIY?
Many thanks
Currently we both fill in self assessment forms and declare a 50/50 split on rental income. We would like to change this to a 100/0 in my wife's favor. I understand that we will need to complete the HMRC Form 17. This form seems pretty straightforward but it mentions that we need to provide evidence that 'your beneficial interests in the property are unequal, for example a declaration or deed'.
Is a declaration or deed also straightforward? It it something that I can DIY?
Many thanks
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Comments
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@jhg8 If you dig around on Google you should be able to find a template for free, or buy one online.
Unless you have other property income, it may be worth considering a small % to yourself to use up your £1,000 annual property income. I'm no accountant so please DYOR to make sure it applies to your circumstances
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100/0? So she will be sole owner? Why not 99/1?
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