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Posted Mon, 25 Dec 2023 18:40:38 GMT by Amit Kumar
Hi - I have a "Joint Tenants In Common" trading account in my name and my wife's name. The split is 10% and 90% respectively. They way we need to register with HMRC for unequal share for properties, do we need to register for trading account? When reporting the CGT for trades on this "Joint Tenants In Common" trading account, is their be any specific requirement? As we need to provide detail on trades in an attachment, which is common for this account, shall we upload the same PDF in the Self Assessment for each of us and explain the same in notes section? Thanks, Amit
Posted Mon, 08 Jan 2024 12:45:54 GMT by HMRC Admin 5
Hi

As property jointly owned by married couples is normally split 50/50, you will need to submit a claim for an alternative split, if not already done so.
This is at Declare beneficial interests in joint property and income
and you would include a copy of the tennants in common document. You do not need a trading account for this and you both need to submit a separate tax return.
Please note if you have not already sent the form 17 to HMRC, the alternative split cannot be backdated.

Thank you
Posted Mon, 15 Jan 2024 15:47:58 GMT by Amit Kumar
Hi - Thanks for your reply. The property in question is a Share Dealing account where I will be buying and selling shares. Does it come under the purview of Form17 declaration? I looked into Form 17 and its expecting me to fill all my current share (Equity/Bond) holdings. As I mentioned, the account is a trading account where I will be keep on buying and selling equities/bonds etc, so the holdings will not be fixed through out the year. How to go about declaring form 17? Thanks,

Name removed admin 
Posted Wed, 17 Jan 2024 17:06:00 GMT by HMRC Admin 20
Hi Amit Kumar,
The term 'property' includes land and buildings, savings accounts, shares (but see exclusion in TSEM9822) and intellectual property.  
Trusts, Settlements and Estates Manual TSEM9822 - Property held jointly by married couples or civil partners - The 50/50 rule: income from jointly held shares in a close company
Form 17 can only be used by married couples and civil partners, to declare the uneven ownership of a joint property.  
A form 17 declaration applies only to the asset or assets shown on it. Other property, including any assets bought later, are not covered.  
If the share dealing account is solely in your name, then you are the beneficial owner of the asset and form 17 would not apply.
Thank you.
Posted Wed, 07 Feb 2024 16:16:35 GMT by
This information is useful to me. I have supplementary questions: 1) Is it permissible to have the split as 100% to 0%? (To explain this question this is because due to the fact that my spouse will be retiring and have a lower tax rate, so selling shares from the joint account no longer has the same advantages. To avoid having to open a new account in my spouse's name it would be of most benefit to declare that my spouse has 100% ownership of the account) 2) What form of declaration would be required to accompany form 17? In this case is it acceptable for us to write and sign a letter in which we agree to the new split? Is a third party witness required? 3) Can form 17 apply to the account itself or does it have to apply to the shares in the account at the point of submission? In other words if new shares are transferred to the account in the future would a new form 17 be needed?
Posted Tue, 13 Feb 2024 11:29:58 GMT by HMRC Admin 21
Hi Dave Edwards,
1. The alternative split is a personal choice so it can be anything other than 50/50  
2. the declaration of trust and the form 17 must be submitted together  and 3rd party witness is required  
3. if applies to the account itself, this will include everything within that account going forward until the account closes or you submit an alternative split. if you specify the shares it will apply to that only and any further amounts inserted into the account after the date of the declaration will not have the alternative split.
Thank you.

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