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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 7062
Experience:  FCCA FCMA CGMA ACIS
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If my partner gives me 500 pounds a month to deal with his

Customer Question

If my partner gives me 500 pounds a month to deal with his rental property, is this amount deductible from general expenses for tax purpose?
Do I have to declare this money in my self taxation as an income even my partner has paid tax already on this amount?
Submitted: 11 days ago.
Category: Tax
Expert:  bigduckontax replied 11 days ago.

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

What is the legal relationship between you and your partner?

Customer: replied 11 days ago.
I don’t know what you mean with legal relationship.
Expert:  bigduckontax replied 11 days ago.

Are you married or in civil partnership?

Customer: replied 11 days ago.
We are not married that’s why I said partner.
Expert:  bigduckontax replied 11 days ago.

No you do not need to declare these gifts. The UK has no Gifts Tax regime so it comes to you tax free.

Customer: replied 11 days ago.
I don’t think you understood my question.
Expert:  bigduckontax replied 11 days ago.

Oh, I see, yes it ia an allowable expense to derive net rentals.