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TonyTax
TonyTax, Tax Consultant
Category: Tax
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Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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My partner and myself jointly own 3 rental properties.

Resolved Question:

Hi,
My partner and myself jointly own 3 rental properties. The income is received into a joint account and we both declare 50% of the income less expenses on our self assessment form. My partner will be a 40% tax payer this tax year. Is it possible for me to declare 100% of the income less expenses on my self assessment, thereby only having to pay 20% tax on the profit. If so do we have to fill out a special form or does the income just have to go into my bank account?
Many thanks
Submitted: 1 year ago.
Category: Tax
Expert:  TonyTax replied 1 year ago.
Hi. As you appear not to be married or in a civil partnership, then you and your partner can split the income as you like for tax purposes regardless of the ownership proportions. Confirmation of that can be found here. It would be sensible to have the income go into the account of the individual who will be disclosing it in the proportions that you intend to split it. There are no special forms to complete. Just keep a record of the split for each tax year. I hope this helps but let me know if you have any further questions.
Customer: replied 1 year ago.
Can you change the split from year to year?
Expert:  TonyTax replied 1 year ago.
Yes, you can.
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15884
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
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