Form 17: Saving tax on income from jointly owned assets
4th January 2023
Do you jointly own a property? Is this actually funded/owned other than 50:50? Are you a high earner and your spouse a basic earner?
If you have answered yes to these, then tax election notification Form 17 is an easy way to help save tax as a couple! Without this, HMRC will default to taxing income 50:50.
Points to consider:
- Form 17 is used to change the income split from 50:50 to the true position, therefore it cannot be used to change the income split back to 50:50, therefore prior to completing this, be sure this will be a tax benefit for the foreseeable future.
- Form 17 does not just apply to land or building, it can be applied to any form of ‘property’, including shares or securities typically listed on the stock exchange.
- Form 17 must be submitted to HMRC within 60 days of the date of signature.
If you think this might benefit you, please get in touch with your nearest Whitings LLP office and speak to one of our tax advisors.
Disclaimer - All information in this post was correct at time of writing.
