Tenants In Common Husband & Wife Unequal SHares

Hi, My wife and I own a property that is out to rent. I would like to change this to Tenants in Common with a 99% to 1% Split of income. I am a little confused on how to do this. Am I correct in thinking that we have to complete:- Form A restriction on severence on joint tenancy by agreement or notice. Draw up a deed of trust specifying the share allocation. Do I then need to send the deed of trust with the Form A to Land Registry? Do I need to send anything to HMRC? Many Thanks George

Hi George Ellis,
Thank you for your question.
You need to contact the Land Registry direct to check what their requirements are in these circumstances you can call them on 0300 006 0411.
As regards the Income Tax implications you need to complete Form 17 to make the declaration that you want to have the income taxed in that split and accompany this with a copy of the Deed of Trust as evidence that the property is now owned in those shares.
Form 17 can be found on our website here: 
Declare beneficial interests in joint property and income
Thank you. 

Follow up question if there was a mortgage on there and you were transferring 85k would stamp duty tax be payable? I understand there is no SDLT due I'd it is gifted between spouses. Thanks

Hi Mo2047

Thank you for your question.
I regret that this forum does not deal with questions about SDLT.
Here is a link on how to contact the office that will be able to answer your question:
Stamp Duty Land Tax

Thank you