Form 17 - explanation

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    Form 17 - explanation

    Hi all, Need some guidance on this subject. I am a higher rate tax payer, and would like to transfer the earnings of our property portfolio to my wife's name (she is basic rate tax payer). Our properties & bank accounts are all jointly held. I wonder whether filling up Form 17 will sort out the issue, or do I need to do more (e.g. actual transfer of ownership/deed etc.) Thanks in advance.

    #2
    Form 17 is only for INFORMING HMRC of the REALITY of a split that differs from 50%. So you need an actual transfer and actual ownership (via a Deed of Trust usually). If you get divorced or die the actuality can bite. If you don't inform HMRC then a 50:50 split is assumed no matter what it is.

    If there is a mortgage, the mortgagee will also have to be involved.

    Comment


      #3
      Here is the official notice on using Form 17 :

      https://www.gov.uk/government/public...-and-income-17

      Comment

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