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Posted Tue, 13 Feb 2024 17:22:48 GMT by
Last April (in time for the new tax year), My wife and I transferred 98% equity in a buy to let to my son. The CGT was paid etc. All seemed in order, but in June I spotted/queried about the unequal split not being shown on the registry. Seems the conveyancer sent a TR1 form with the tenants in common checked and might not have sent the JO form (I'm guessing). Unfortunately an amended request (with I assume the signed JO) has just been rejected by the HMLR with the reason "The register entry is to show the beneficial interest in the property and cannot be amended to show the individual shares", I'm not sure what this means, but as it has taken 6 months for this request to then be rejected, I'm getting concerned that this will not be resolved with the HMLR for some time. So In terms of informing the HRMC of this split for the income from the property, is the form 17 the right option and do I have to wait until the HMLR update the registry or would something else be sufficient? thanks
Posted Fri, 16 Feb 2024 12:42:53 GMT by HMRC Admin 13 Response
Hi In the light of the delay you are having with the Land Registry (LR) I cannot yet agree that an actual unequal split has occurred. You may wish to write to HMRC to outline your situation in lieu of the LR being resolved and all affairs are as proposed. Thank you

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