Hi,
Own a BTL with my wife 50-50.
I understand that the tax rules say that income from jointly owned property must be split and taxed in equal shares (50:50).
I am on 40% band she is on the 20%. Therefore logic tells me our tax liability to HMRC will be 30% after deducting allowable expenses.
Q on Self Assessment;
- Do we go ahead and do 2 SA's (one for myself and one for her) and just proportion the rental income 50-50 between us and plug the numbers in accordingly in our separate SA forms?
- Or can I just do the SA on my self and calculate my tax liability based on 30% ?
Cheers
NY
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