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Where Taxpayers and Advisers Meet

How to SA on a BTL property jointly-owned with wife

negativeyardage
Posts:5
Joined:Fri Apr 08, 2016 4:29 pm
How to SA on a BTL property jointly-owned with wife

Postby negativeyardage » Wed Apr 26, 2017 6:02 pm

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

maths
Posts:8507
Joined:Wed Aug 06, 2008 3:25 pm

Re: How to SA on a BTL property jointly-owned with wife

Postby maths » Wed Apr 26, 2017 6:40 pm

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?
Correct.
- Or can I just do the SA on my self and calculate my tax liability based on 30% ?
No.


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