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Form 17 question around rental income
Newheight13
Posts: 246 Forumite
Hello,
If a property is purchased solely in my wife’s name, can a form 17 be submitted to HMRC so that the rental income is in my name for 99% of the income? The mortgage will be in her name only. I have seen some conflicting information online around this - some say if I’m not on the mortgage it can’t be done, others say that it can be done, only if the property was purchased after we were married.
If a property is purchased solely in my wife’s name, can a form 17 be submitted to HMRC so that the rental income is in my name for 99% of the income? The mortgage will be in her name only. I have seen some conflicting information online around this - some say if I’m not on the mortgage it can’t be done, others say that it can be done, only if the property was purchased after we were married.
Any thoughts on this?
Thanks
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Comments
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No, Form 17 can only be used to request split of income in line with ownership instead of 50:50. You would first need to declare a different split of beneficial ownership via a Deed of Trust. To be honest I dn't know if that is possible if you are not already an owner, I suspect not or at least not without co-operation of the Lender.
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I just found this thread in relation to the above.
https://community.hmrc.gov.uk/customerforums/ifp/0627891f-56a8-eb11-89ee-00155d3bd834
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