Form 17, Declaration of Trust and 60 days?

by Readers Question

10:10 AM, 28th November 2018
About 6 months ago

Form 17, Declaration of Trust and 60 days?

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Form 17, Declaration of Trust and 60 days?

We recently purchased a property with a declaration of trust drawn up to split the ownership and therefore the profit 90/10 in my wife’s favour.

Question is, does the Form 17 need to be completed within 60 days of the Declaration of Trust being signed or the Form 17 itself. The wording on it is not clear to me.

Reason being, 60 days have lapsed if its from the date the Declaration of Trust was signed.

What can I do, or will happen now if that is the case?

Thanks,

Joe



Comments

Mark Smith (Barrister-At-Law)

13:42 PM, 28th November 2018
About 6 months ago

Form 17 needs to be sent to hmrc within 60 days of the execution of the DoT.

Joe Marshall

13:16 PM, 29th November 2018
About 6 months ago

Thank you for the reply. What are my options now then? Is it worth sending the From 17 regardless.

DC

15:31 PM, 29th November 2018
About 6 months ago

The Form 17 commences from the date that you sign the Form 17 if that helps.

Victor

13:07 PM, 26th March 2019
About 2 months ago

If the property was owned as joint ownership and then split 90/10 would there be stamp duty to pay if the 40% being transferred was more than £40k or 20% (of any outstanding mortgage). 20% as half of the 40% being transferred as joint

Mark Alexander

14:02 PM, 26th March 2019
About 2 months ago

I respectfully disagree on two counts.

First, the £40,000 SDLT limit for second homes has not applied to married since the 2017 Autumn Budget - see https://www.gov.uk/government/publications/stamp-duty-land-tax-higher-rates-minor-amendments/stamp-duty-land-tax-higher-rates-minor-amendments

Second, SDLT applies to the mortgage consideration transferred. Where the mortgage is already and will continue to a joint and several liability there is no consideration.


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