Property

Dear HMRC, Just one quick question. Currently, my wife and I jointly own a home Our idea is to sell this house and buy another place and rent this future house out whilst we go back to Korea for a year or two. My wife would like this future home to be in my name only. Is this something I sign for when I exchange contracts with the solicitors and is purely not an issue with HMRC

Hi njc23,
Thank you for your question.
Under these circumstances, if you are selling the property you currently hold in joint names, then proceeding to purchase a further property which would be wholly in your name, that advice should be sought from the Land Registry and a legal professional as this subject surrounding legal home ownership is not covered under Income from property or HMRC.
If once the property is purchased, then placed in your name and is then being let and rental income also placed in your name, then HMRC would expect to see a Form 17 submitted with sufficient evidence, i.e. a Declaration of Trust to support the claim of uneven shares so both records may be noted accordingly. 
Thank you. 

Dear HMRC, just to confirm even if the property is bought in my name, I must fill out a Form 17 a few months prior to my intention to rent out the property? I assume if we were to buy as a married couple and have a 50/50 share then the form is full and void.

Hi njc23,
Thank you for your question.
If when the future property is bought in your name solely, then a Form 17 would not be applicable in your case as joint ownership is required.
If you were to purchase the property in joint names, then if unequal shares are to be declared in terms of ownership and rental income/ expenses, then a form 17 Declaration of Trust should be completed and sent to HMRC with sufficient evidence to support your claim.
Thank you.