Form 17, Declaration of Trust and 60 days?
10:10 AM, 28th November 2018, 7 years ago
5
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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
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SPV and family home with Help to Buy?
Member Since November 2013 - Comments: 252 - Articles: 10
1:42 PM, 28th November 2018, About 7 years ago
Form 17 needs to be sent to hmrc within 60 days of the execution of the DoT.
Member Since August 2015 - Comments: 11
1:16 PM, 29th November 2018, About 7 years ago
Thank you for the reply. What are my options now then? Is it worth sending the From 17 regardless.
Member Since July 2013 - Comments: 192 - Articles: 1
3:31 PM, 29th November 2018, About 7 years ago
The Form 17 commences from the date that you sign the Form 17 if that helps.
Member Since March 2019 - Comments: 4
1:07 PM, 26th March 2019, About 7 years 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
Member Since January 2011 - Comments: 12212 - Articles: 1417
2:02 PM, 26th March 2019, About 7 years 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.