Tenants in Common, Declaration of Trust and Form 17?Make Text Bigger
Prior to the 2nd April 2017, my brother, his wife, my wife and I owned a rental property as tenants in common in equal shares.
On the 2nd April, a Declaration of Trust was made in which my wife declared that her 25 part equitable interest in the property is held on trust for herself and our two adult children in the proportions 10 + 7.5 + 7.5. The trust was signed by all three and witnessed.
We were under the impression that HMRC should be notified within 60 days via Form 17.
However, having gone online to complete the form, we now realise that it is used only when there is a change in beneficial interest involving married couples or civil partners.
Three simple questions:
1) Is my wife obliged to advise HMRC of the new arrangement?
2) Are our children obliged to advise HMRC of the new arrangement?
3) Is there an alternative to Form 17 that should be used?
We await three simple answers!
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