Tenants in Common - Land Registry Question
Hi All,
Just purchased a BTL property with the wife.
I wish to split rental income 80% wife, and 20% me for income tax purposes.
When the Land Registry Transfer form was completed, it had 3 options:
- they are to hold the property on trust for themselves as joint tenants (box 1)
- they are to hold the property on trust for themselves as tenants in common in equal shares (box 2)
- they are to hold the property on trust: (box 3)
I believe it was originally signed as joint tenants, but if I wish to split the rental income as per the above split, then it should have been tenants in common. My solicitor said that he can submit a "correction" to Land Registry regarding this.
I assume I tick box 3 with the addition of "for themselves as tenants in common in unequal shares with Mr X having 80% and Mrs Y having 20%" .
On this forum and elsewhere on the internet, it says that split is defined on a separate Deed of Trust. Which means that if you wish to amend the % in the future, you just need to update the Deed of Trust and resubmit the Form 17 to HRMC.
But how can the percentage be updated without updating land registry, when the TR1 mentions the split (if what I said above is correct)?
Or should box 3 just says they are to hold the property on trust for themselves as tenants in common in unequal shares, and not actually specify the split? With the split being done on the Deed of Trust?
Many Thanks
Z
Just purchased a BTL property with the wife.
I wish to split rental income 80% wife, and 20% me for income tax purposes.
When the Land Registry Transfer form was completed, it had 3 options:
- they are to hold the property on trust for themselves as joint tenants (box 1)
- they are to hold the property on trust for themselves as tenants in common in equal shares (box 2)
- they are to hold the property on trust: (box 3)
I believe it was originally signed as joint tenants, but if I wish to split the rental income as per the above split, then it should have been tenants in common. My solicitor said that he can submit a "correction" to Land Registry regarding this.
I assume I tick box 3 with the addition of "for themselves as tenants in common in unequal shares with Mr X having 80% and Mrs Y having 20%" .
On this forum and elsewhere on the internet, it says that split is defined on a separate Deed of Trust. Which means that if you wish to amend the % in the future, you just need to update the Deed of Trust and resubmit the Form 17 to HRMC.
But how can the percentage be updated without updating land registry, when the TR1 mentions the split (if what I said above is correct)?
Or should box 3 just says they are to hold the property on trust for themselves as tenants in common in unequal shares, and not actually specify the split? With the split being done on the Deed of Trust?
Many Thanks
Z