Title deed as evidence for form 17

Hello, Myself and my partner are legally married. We have recently bought a Buy to let residential property with unequal split ownership percentage (90% - 10%) mentioned in title deed. I've following questions: 1) While filling the form 17 for unequal income split, Is title deed enough as an evidence to be sent to HMRC ? if not, what all other documents require to be sent? 2) I have not yet received the updated title deed and will be reaching to 60 days limit of Transaction completion date of 9th July. what options I have got if I don't receive the title deed within 60 days? Really appreciate your quick response Thanks

Hi,

You will need to provide evidence that your beneficial interests in the property are unequal, for example a declaration or deed. A Form 17 declaration that is late is invalid. You would need to make a further Form 17 declaration and send it us within the 60 day time limit.

Only income that arises after the date of the Form 17 declaration is covered. You can see further information here:

TSEM9860 - Property held jointly by married couples or civil partners: Form 17 rule - when declaration takes effect: normal case

Than you. 

Thanks for your quick response. Is Title deed enough to show as evidence of unequal ownership and therefore unequal beneficial interests?

Hi ,
 

Thank you for your question. You’ll need to provide evidence that your beneficial interests in the property are unequal, for example a declaration or deed. A Form 17 declaration that is late is invalid. You would need to make a further Form 17 declaration and send it to HMRC within the 60 day time limit. Only income that arises after the date of the Form 17 declaration is covered. Further information is available at: Trusts, Settlements and Estates Manual  .  Thank you .

Thanks. Could you please share a template for declaration ? Does it need to go via Solicitor or can be done by ourselves?

Hi bhavin05,
The answer to your question is NO.
A Title Deed tends to show the owners of the property and is used to show that the seller has the right to sell the property.
Information concerning property income concerning husband and wife or civil partnership can be found here:
PIM1030 - Introduction: jointly owned property & partnerships
A Deed of Trust tends to be submitted to confirm both parties have beneficial interest in the property and Form 17 is filed to if the % is split differently to the 50/50 rule.    
Thank you. 
 

Hi bhavin05,
We do not have a template for your use.
A Deed of Trust can be prepared by yourselves providing it shows that the husband and wife or civil partnership are benficial owners of the property. The address of the propery and the split other than 50/50 is noted accordingly. that the document is signed and witnessed accordingly.
Or consult a solicitor.
Thank you.

 

Thanks for your prompt reply. What's the difference b/w Declaration of trust & Deed of trust? As we are already having unequal split legal ownership of the property mentioned in the title deed, which document will be quick and easy to draft for this purpose? Thanks

Could you please let me know what documents we need to provide as evidence for Scottish property owner living in Scotland only?

Hi bhavin05,
Both documents are similar in nature.
A Deed of Trust is a legal document which sets out the terms of the trust.
A Declaration of Trust also outlines the terms of the Trust, however, it contains the additional section of outlining specific beneficial interest split of a property.
A Deed of Trust also includes additional legal binding clauses.
Guidance may be found at TSEM9520 here:
TSEM9520 - Ownership and income tax: express trusts - written declaration
Thank you. 

 

Could you please let me know what documents we need to provide as evidence for Scottish property owner living in Scotland only?

Hi 
Both documents are similar in nature.
A Deed of Trust is a legal document which sets out the terms of the trust.
A Declaration of Trust also outlines the terms of the Trust, however, it contains the additional section of outlining specific beneficial interest split of a property.
A Deed of Trust also includes additional legal binding clauses.
Guidance may be found here:
TSEM9520 - Ownership and income tax: express trusts - written declaration .
Thank you. 

Hi bhavin05,
If you intend to submit a Form 17 declaration, you will need to provide evidence if the unequal beneficial interests in the property.
This is usually a Declaration of Trust.
For more information regarding evidence, please refer to our online Trusts, Settlements and Estates Manual at TSEM9851.
TSEM9851 - Property held jointly by married couples or civil partners: Form 17 rule - evidence
Thank you.