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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
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Experience:  FCCA - over 40 years experience as a qualified accountant (UK based Practitioner)
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I wanted to find out, if I own a property and getting the

This answer was rated:

Hi,i wanted to find out, if I own a property and getting the full rent in my account, can I share tax on my rent with my sister, because I am on a high salary.
JA: Have you talked to a tax professional about this?
Customer: no I haven't
JA: Anything else you want the Accountant to know before I connect you?
Customer: no, that's all please

Hello and welcome to JustAnswer. I am here to help you. I am reviewing your question and will respond to you shortly.
Many thanks

Thank you for your question.

If the property is in your sole name then all rental income is yours and you are chargeable to income tax on the whole income.

If the property is jointly owned with your sister, you can have an agreement between yourselves that she would benefit from all or high proportion of rental income even though the property is jointly owned.

My aim is to give you a professional service. I hope this is helpful and answers your question.

Please remember to rate my service by selecting the 5 stars at the top of the screen before you leave JA today. If you need more assistance, please use the reply box below and let me know. It has been my pleasure to assist you with your question.

Customer: replied 1 month ago.
I have a situation where my wife's sister owns a property from last 10 yrs and getting the full rent in her account,when I went through the tax returns for both my wife and her sister, they are splitting the tax 50% but my wife is not receiving any rent in her account.
is that TAX invasion,please advice.

Thank you for your reply.

Based on information provided, this is wrong if your wife's sister has declared only 50% of the rental income and on paper shown that your wife is receiving the other 50% and therefore liable to income tax on her share. Non disclosure of income is fraud and carry heavy penalties.

If your wife does not own any share of that property then she is not liable to tax on any rental income received.

I hope this is helpful and answers your question.

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Hi there

Just checking to see if you need more clarification/information or have I answered your question.

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Many thanks

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