Rental income- prop owned by spouse/myself

[tikal73]

Hope you can help.
I have owned a property for 7 years and it has always been let out. I am a non tax payer.
Last Summer I was advised to put property in joint names with my husband, as we were planning to sell and wanted to use both our CGT allowances on the proceeds of sale. This was done by solicitors.
Property hasn't sold and we are now seriously looking at renting again.
Would it be now better financially for me to instruct solictor to change back to owned just by myself or can I fill in a form 17, I have read something about on here? And put the split down as 1% (him) and 99% (me). Or would that just be blatant tax evasion!?

[TaxationPete]

Joint husband and wife is default 50/50 so is the rental income. You could change to 'tenants in common' and declare the ownership 99/1 then submit the Form 17 within 60 days. This can also be done with a Declaration of Trust or Deed of Trust but you need to address this with your solicitor. If there is a mortgage provider involved you really need to clear this with them. If you download Form 17 form HMRC.gov.uk you will see where it requests proff of ownership proportion. Regards Peter

[tikal73]

Many thanks Pete..will speak to solicitor about these options.

[TaxationPete]

Did the solictor inform the LR or just draw up a Deed of Trust. ?? Regards Peter

[tikal73]

Has informed the land registry. Does this have an impact?

[TaxationPete]

No that's fine. Regards Peter