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Late Submission of Form 17 results in large tax bill - help.

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  • anselld
    anselld Posts: 8,634 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Given the you say your wife inherited from her mother, why/how did you end up owning 1%?  If it had remained in her sole ownership your tax objectives would have been achieved by default.
  • sheramber
    sheramber Posts: 22,350 Forumite
    Part of the Furniture 10,000 Posts I've been Money Tipped! Name Dropper
    anselld said:
    Given the you say your wife inherited from her mother, why/how did you end up owning 1%?  If it had remained in her sole ownership your tax objectives would have been achieved by default.
    requested that they back date it to Feb 2019 in-accordance with the Land Registry documents.
  • anselld
    anselld Posts: 8,634 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    sheramber said:
    anselld said:
    Given the you say your wife inherited from her mother, why/how did you end up owning 1%?  If it had remained in her sole ownership your tax objectives would have been achieved by default.
    requested that they back date it to Feb 2019 in-accordance with the Land Registry documents.
    That doesnt answer my question.  Why was the OP ever on any Land registry documents as owning 1% when he states that his wife inherited the property from her mother?

  • sheramber
    sheramber Posts: 22,350 Forumite
    Part of the Furniture 10,000 Posts I've been Money Tipped! Name Dropper
    Nothing to stop his wife transferring a share to him after she inherited it.
  • Cook_County
    Cook_County Posts: 3,092 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Someone advised you when the title became 1% and 99%.  Who advised you, why was this done and why were the tax implications ignored? I am thinking that there might be a claim here from you against whoever provided the advice.
  • Thanks for this but don't believe that will work as the Solicitor's submitted the Land Registry as requested. Unfortunately I didn't ask for tax advice from them or anyone else.
  • anselld said:
    Given the you say your wife inherited from her mother, why/how did you end up owning 1%?  If it had remained in her sole ownership your tax objectives would have been achieved by default.
    If I recall it was because she couldn't get a mortgage as she had no income.
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