Rental income tax with multiple owners

[ingrassia]

Hi Guys!

First time I post here, I am a newbe!

I need your advice. Me and my family purchased a property 10 years ago. 3 people family members on the dead, myself, my sister and my granmother, but only 2 beneficiaries: me and sister. My granny agreed with us that as she is on low pension she does not (and cannot) bare any burden of mortgage and is not interested in the property.

Now recently the property was converted into flats and this year we made a profit and want to declare tax income, but ofcourse this income has only been received by my sister and me.

What do we need to do in order to declare tax properly? I declaration of trust which states the above agreement?

Let me know!

[ingrassia]

Specifically can we have a declaration of trust which states what was our agreement at the point of sale? Or will the agreement be valid only at the date at which we signed it?

Paradox is that as my sister and I are higher tax payer we are effectively trying our best to pay tax only on our codes hence increasing our tax bill as opposed to most questions on the forum to decrease

Let me know!