Thorn

Hello, Thank you for the reply, however, it does not answer my questions at all. I am well aware of the Form 17 rule. My questions relate to the evidence that has to be submitted with Form 17. I can provide Land Registry evidence that the property is held as tenants in common. However, I do not wish to pay a lawyer to draft a deed of trust, nor does the law state that I have to. With the appropriate advice from HMRC, the average person should be able to deal with their tax affairs sufficiently and without the need for an accountant or a lawyer. It is reasonable to assume, when submitting evidence with Form 17 to HMRC, that any person assessing said evidence on behalf of HMRC should know if the information provided is adequate. I am merely asking for advice on what is required to be included. So, is there a standard template for a deed of trust when changing ownership percentages in an actual property owned by spouses? What information exactly is needed for the deed of trust to be valid for HMRC purposes in connection to Form 17 election?

Hello, My husband and I own a rental property as tenants in common (50/50 shares). We would like to change the ownership to 90/10 in my favour. Is there a standard template for a deed of trust when changing ownership percentages in a property? What information exactly is needed for the deed of trust to be valid for HMRC purposes? Can the deed of trust be backdated?

Hello, My husband and I own a rental property as tenants in common (50/50 shares). As I am presently not working and he is a higher rate tax payer, we would like to change the ownership to 90/10 in my favour. My husband would like to gift me 40% (for no consideration). The property is worth about £500k with a £400k mortgage, (for which we are jointly and severally liable). Would I need to pay SDLT on the 40% I am getting, considering that no money is changing hands and that I am already responsible for the entire mortgage anyway? If the answer is YES, then who decides the value of the shares and when is the SDLT to be paid?