Rental income on joint owned property

by **Leax** on Fri Dec 02, 2011 6:30 am

Hello,

Sorry, this may be a very trivial question, but I can't seem to find an explicit answer anywhere!

My partner and I have bought a property in the UK in August 2011, on a 50/50 basis. We are renting the property out and the income is received on our joint account. I am currently unemployed and I am solely using this income. So:
- In my 2011/2012 Self Assessment tax declaration, can I declare the 100% of this income? Which means my partner would not have to pay any income tax related to this income?
- Can I deduct the full expenses/charges that were incurred (legal, refurbishment, furnishing, etc) from this income?

Thanks a lot in advance for your help.

Leax

by **section 44** on Fri Dec 02, 2011 11:44 am

Depends on how you have agreed to share property income. Remember that any such agreement should not be retrospective (you can't re-write history).

by **Leax** on Fri Dec 02, 2011 11:58 am

Hi Section 44,

Thanks for getting back to me, but i need a bit more details. All we did was declare the 50/50 split when we bought the house. Since then, I have been using the income. Didn't declare anything else to anyone. Do I need to? and if I declare 100% of the income for the 2011/2012 tax year, can this percentage be changed for the following years?

Thanks again,