Form 17 or Not? Changing back to 50/50 Beneficial Ownership

Hi, my wife and myself have held property beneficially under trust deed for some years, 99%/1% respectively, and declared to HMRC with Form 17. The property is owned as tenants in common. We now wish to return to 50%/50% ownership, however reading the Form 17 notes it states that it should only be used to inform HMRC of an unequal split. Therefore, should we just go ahead and prepare a new trust deed and not worry about having to inform HMRC? By the way, Land Registry have told me they have no interest in the percentage ownership, only that there is a deed to support the tenants in common restriction. Thanks, Martin.

Hi Martin Richardson,
Thank you for your question.  
You are correct that a Form 17 wouldn't be appropriate in this case, however, you should notify HMRC of the change in the ownership.
It would be sufficent for you to send a copy of the revised deed as evidence that the declaration made on the original Form 17 no longer applies.
I'd suggest that you mention in your covering letter that completion of a Form 17 isn't appropriate as the declaration originally made on Form 17 no onger applies and you are reverting to the basic 50/50 split.
Thank you

 

Brilliant, thank you for clarifying it, Admin25.