Changing tenant in common percentage

Hi. I hope you are well. I would like some advice regarding tenant in common and changing the shares. If one party has a 75% share and the other a 25% I would like to change this share, From looking online it says to fill in form 17 but this only mentions spouse, The relationship between the parties is father and son and not spouse. Can you please advise. Kind regards

Hi ,
 

Thank you for your question.   The form 17 can only be used for properties jointly owned by husband and wife/civil partners, so would not be applicable for you.  Where there is no partnership,  the share of any profit or loss arising from jointly owned propertywill normally be the same as the share owned in the property being let. But joint owners can agree a different division of profits and losses and so occasionally the share of the profits or losses will differ from the share of the property. The share for tax purposes must be the same as the share actually agreed. If you want to change to change your shares you need to write to HMRC and advise the share agreed. Thank you .

Hi. Thanks for your reply Admin 17. The property in question is not being let out/ has any profit. It is the family home in which the father and son live together. The son obtained the 25% share as tenant in common when the mother passed away. The father now wishes to make it so both parties are 50%(him and his son) tenants in common. What would be the appropriate methods to achieve this? Thanks

Hi,
Please refer to guidance at Joint property ownership
Thank you.