Property Partnership change of split and Form 17?
10:00 AM, 19th March 2021, 5 years ago
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Hi, I have a Property Partnership set up with my wife for the last 2 years with 50/50 split but due to personal change in circumstances, we need to change this to 75/25.
Considering the income is from rental properties, so Investment income and not trading income, we can’t make a simple change on the Partnership Agreement. Form 17 is also not an option to do an uneven split….any other ideas or guidance will be appreciated.
Thanks.
Sam
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Member Since January 2020 - Comments: 102
10:55 AM, 19th March 2021, About 5 years ago
This question was raised 2 days ago, and plenty of answers were posted.
How is the income reported on the tax return? In the partnership section, or in the rental income section? If the latter then a declaration of trust and a Form 17 is the way to deal with this.
Member Since February 2011 - Comments: 3453 - Articles: 286
12:04 PM, 19th March 2021, About 5 years ago
Hi Sam, Please see >> https://www.property118.com/stamp-duty-on-form-17-split/
And Mark Alexander’s comments