Hi amit100 cha,
Your actual beneficial interest in the property is formally changed through a declaration of trust so that you can have for example a 0% beneficial interest and your spouse has 100% beneficial interest.
You can ask to be taxed on that basis by sending a Form 17 to HMRC with a copy of the declaration of trust as evidence.
The 0%-100% split would only take effect from the date that the valid Form 17 is signed by you and your spouse.
A declaration of trust is a legally binding document that creates a trust.
Most types of trusts giving an interest in property to somebody who is not the legal owner now need to be registered with HMRC via the Trust Registration Service.
You can find guidance on the registration requirements and how to register here:
Register a trust as a trustee
There’s also more information about what type of trusts need to be registered at:
TRSM23050 - Types of trust that need to be registered: contents: excluded express trusts: contents: property ownership
A Form 17 can be downloaded and complete here:
Declare beneficial interests in joint property and income
Thank you.
