Changing the split of your property income for tax purposes

Please complete the form letting us know as much about your situation as possible, including any questions you have.

If you have any difficulties with the form you can also email the information to dot@lesstaxforlandlords.co.uk

Please note that you do not need to own the property jointly to take advantage of this service. You also do not need to be married or in a civil partnership although there may be additional taxes to be paid if the parties involved are not married or in a civil partnership with each other. If you are married, please see the following information regarding Form 17:

First Name Surname Email Telephone Address Line 1 Address Line 2 Town Postcode How many properties is work required for? Property address / es to change beneficial interest

How are the property(s) owned?

Full names of all involved parties, their relationship to you and what proportion of legal ownership they have in any of the above listed properties

Who do you want to assign the beneficial interest to and in what proportion (eg. 100:0 or 25:75 etc)

Are there mortgages on the property(s)?

How did you hear about us? Any questions / comments?

Yes, I hereby fully consent to the collection, storage and use of my personal data by Less Tax 4 Landlords and companies of One Consultancy Group and their underlying service providers (OCG Accountants, OCG Legal) which is freely submitted, for the purpose of direct marketing as well as following up and handling my enquiries and requests.

The Income Tax Act 2007 (section 836) allows for income from properties that are jointly owned by married couples or civil partners that live together, to be legally split 50/50. This is the default position.

So what does Form 17 do?

You can submit Form 17 if you want to change the split of income to reflect your actual share of ownership, rather than being treated as if you own the property 50/50.

In order to change the split, you’ll need to provide evidence that your beneficial interests are unequal in the form of a declaration or deed.

What Here are the facts:

Form 17 is only used if the beneficial interests are unequal
Form 17 can be used on any type of property provided it is held ‘jointly’ (excluding beneficial joint tenants)
Form 17 cannot be used to change the income split back to 50/50
The evidence of the unequal split e.g. declaration of trust can be years old
You can do a deed of trust more than once
The change in beneficial interests does not affect capital gains tax for married couples and civil partnerships though Stamp Duty Land Tax (SDLT) MAY arise if the transaction involves ‘chargeable consideration’ in the form of saying a cash payment or transfer of debt

Form 17 should not be used if:

Income is from the commercial letting of furnished holiday accommodation
Income is from a partnership
Income is from shares in a company
Property is held as beneficial joint tenants where you are both jointly entitled to the whole of the property and income. (You will need to change the title ownership from Joint Tenants to Tenants in Common in order to declare unequal interest in the property - we will do this for you for no extra charge)

How much does this cost?

Independent legal advice is provided by OCG Legal. Reference can be made to their website for details of costs which are typically from £300 inc VAT per property to complete the Form 17 service for you. Please use the form on this page to request a quote.

What does the service include?

This would normally include preparing the legal documentation and creating a deed of trust, plus filing the Form 17 paperwork.

In some cases, additional work will be required, such as severing a joint tenancy, or registering a trust with the Trust Registration Service. Should any of these needs apply your options (and the associated costs) will be made clear to you on outset where possible.

If you are a portfolio landlord and a higher-rate tax payer then whilst Form 17 may help if your partner pays a lower rate of tax, it may not be the best option and you may wish to contact us before obtaining a quote.

Please note that the £300 fee per property does not include professional tax advice or remortgage conveyancing, and only includes the necessary legal work to produce a deed of trust and file Form 17 on your behalf if required. This service is provided independently by OCG Legal on an execution only basis. Should you require legal advice please discuss this with them.

Alternatively Less Tax 4 Landlords can provide some limited initial guidance free of charge though if you require paid-for tax or estate planning advice please let us know so that we can provide you with a quotation, subject to availability.

One of our team will reply via email with answers to your questions as soon as possible and within no more than 3 working days. They will request by email from you any further information we need, and provide a quote for your circumstances.

If we don't hear back from you then we may follow up with a call, otherwise all initial correspondence will be by email unless your situation is particularly complex, in which case we will arrange a complimentary initial discovery call with you.

Alternatively you can book in for a Deed of Trust Guidance call (£150+VAT), subject to availability.

Any information on this website is for general guidance only. The information may come from multiple sources and is based on our understanding of current taxation, legislation and HM Revenue & Customs practice as at the date stated, all of which are liable to change without notice. Business, Personal Estate, Financial and Tax planning are complicated subjects and no two clients circumstances are the same; the impact on your situation will depend upon your individual circumstances and you should always seek coordinated advice before taking action.

Changing the split of your property income for tax purposes

Deed of Trust work and Form 17 Filing where required from just £300 per property

Obtain a Quote

If you own the property jointly with your spouse

What happens after I complete the form?