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We are tenants in common, but I'm unsure if the mortgage has been formerly split, we certainly pay out of a joint account, all all income goes to my partners account. Ownership was transferred from sole ownership to tenants in common in late 2008, since which we've declared the income 99% to the lower tax earner. Can we split declared expenses (e.g. mortgage interest, repairs, agency fees etc) in the same ratio?
Many thanks for the very useful information, in particular in regard to split of expenses. I thought we were filing self-assessments correctly, but wasn't sure whether proof was required where the income was being deposited, expenses being paid from.
Thanks again. While we are tenants in common, it's not clear from the documentation whether a 99:1 income split is formerly declared. Would you know if this can be done retrospectively. It's not clear from the HMRC info on this that a legal registration of this is required.