Updating HMRC on Deed of Trust

Hi there, My wife and I (married) have had a Deed of Trust drawn up that creates a split on income from property assets in her favour. The properties are owned jointly from a legal perspective , however this has been done to recognise unequal contributions previously. Can you please advise; 1)Do need to register this change with HMRC using a form 17? if not can you advise on the correct details to use? 2)Do we need to share all of the Deed documentation with HMRC in addition to any form? 3)Presuming when it comes to self assessment we provide the above information to our account and they recognise the income and expenses inline with the details above? Many thanks

Hi,
 

Thank you for your question.  If you want any profits from your jointly owned property to be taxed on anything other than a 50/50 basisi then you must complete a Form 17 and forward this with a copy of the Deed of Trust as evidence that the property ism owned in the shares shown. The change from thhe 50/50 basis only applies from the date that the Form 17 was signed regardless of the date the Deed of Trust was entered into.  Once the declaration has been made on Form 17 both you and your wife will be responsible for declaring your own shares of that income based on the revised split.