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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 6808
Experience:  FCCA FCMA CGMA ACIS
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Thank you for your previous reply. My next question relates

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Thank you for your previous reply. My next question relates to that one.
Assistant: What steps have you taken so far? Have you prepared or filed any paperwork?
Customer: The property I receive rent from is paid to me on a monthly basis into my bank account. However, the property is registered 35% in my name, 35% in my wife's name and 25% in my sons. Do I pay tax on the entire income and then pay them what is due to them net of tax, or should I only declare 35% on my return leaving them to declare 35% and 25% respectively on theirs? Thank you.
Assistant: Where is the property located?
Customer: Hastings, East Sussex
Assistant: Anything else you want the lawyer to know before I connect you?
Customer: No

Hello, I am one of the experts on Just Answer and pleased to be able to help you with your question.

You pay tax on 35% the net rentals, your wife ditto and your son on 25%. What happened to the odd 5%?

bigduckontax and other Tax Specialists are ready to help you

Thank you for your support.