Revoking Deed & Form 17

Hi, some years ago my wife and I created a DECLARATION of TRUST of Property to a Beneficiary, affording my wife a greater beneficial interest in our rental property. We submitted a Form 17 and HMRC acknowledged our application, We now wish to revoke the Deed and have a 50/50 interest in our property. What do we need to do, please, to achieve this? Thanks.

Hi ,
 

Thank you for your question. The split of income for tax purposes produced by a valid declaration goes on running for all later years, however, if the beneficial interest in the property or the income it produces changes; for example, this can happen if one spouse or civil partner transfers any part of his/her beneficial interest to the other party then the standard 50/50 rule applies. If this is the case you would need to inform HMRC of the change in writing. Thank you .

Thanks for your help. Can I please check - as we revert to 50/50 beneficial interest, do we just send in another Form 17, or must we also have another Deed that we would also send in alongside the new Form 17? Thank you.

Hi,
Thank you for your question.
You will need to submit a revised Deed of Trust and form 17 showing the changes to the beneficial ownership of the income from property.
Thank you.