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taxadvisor.uk, Chartered Certified Accountant
Category: Tax
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Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I am considering renting our residence or a of two years

Resolved Question:

I am considering renting our residence or a period of two years whilst we travel. I am a higher rate tax payer and my wife pays no tax. As we jointly own the property do we split the income and pay tax separately on our share of rent income.
Submitted: 3 years ago.
Category: Tax
Expert:  taxadvisor.uk replied 3 years ago.
Hello and welcome to the site. Thank you for your question.

As the property is jointly owned and you live together with your spouse, HMRC would normally treat income from property held in your joint names as if it belonged to you in equal shares and tax each of you on half of the income, regardless of actual ownership.

I hope this is helpful and answers your question.


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