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TaxRobin, Tax Consultant
Category: Tax
Satisfied Customers: 17818
Experience:  International tax
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If two people jointly own a property and rent it out, can the

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If two people jointly own a property and rent it out, can the rental income (less running costs) be attributed to just one of the owners, as they will responsible for managing the property. Or does the profit with any tax liability apply to both owners?
HelloWhere there is no partnership, the share of any profit or loss arising from jointly owned property will normally be the same as the share owned in the property being let. If owned 50/50 then income 50/50But joint owners can agree a different division of profits and losses and so occasionally the share of the profits or losses will be different from the share in the property. The share for tax purposes must be the same as the share actually agreed.
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Customer: replied 2 years ago.
Thanks for the response. It was just that my wife and I own a property that we rent. We are both retired and with state pension and another small pension my income, including rent from house is more than my wife's. By giving her 100% of the profit of the rental it more or less equals our income, so that we can maximise both tax allowances. I wasn't sure if I had to transfer the property into her name to do so.
Sorry for my delay.You do not have to transfer the property into her name.