This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. To find out more about cookies on this website and how to delete cookies, see our Cookie Policy.
Analytics

Tools which collect anonymous data to enable us to see how visitors use our site and how it performs. We use this to improve our products, services and user experience.

Essential

Tools that enable essential services and functionality, including identity verification, service continuity and site security.

Where Taxpayers and Advisers Meet

Rental Property Income Split between husband and Wife

Lee Young
Posts:2707
Joined:Wed Aug 06, 2008 3:26 pm
Contact:
Re: Rental Property Income Split between husband and Wife

Postby Lee Young » Mon Jul 25, 2016 5:36 pm

Income for a jointly owned asset in the name of spouses is deemed to be 50/50 unless there is evidence to the contrary (a declaration of trust) and a form 17 submitted. Either the declaration of trust does not do what you think it does, or it was not submitted in time?
Lee Young
Solicitor, Chartered Tax Adviser and Trust and Estate Practitioner


Partner, Frettens LLP
lyoung@frettens.co.uk
01202 491701

drdes
Posts:2
Joined:Fri Oct 14, 2016 12:56 pm

Re: Rental Property Income Split between husband and Wife

Postby drdes » Fri Oct 14, 2016 1:31 pm

Except if the property is owned in unequal shares (as tenants in common) - then just a Form 17 is needed to show that same split.

e.g. if property is owned 99:1 by husband and wife as tenants in common.
Then no DoT is required. Just a Form 17 stating the 99:1 split.

Is that correct?

Lee Young
Posts:2707
Joined:Wed Aug 06, 2008 3:26 pm
Contact:

Re: Rental Property Income Split between husband and Wife

Postby Lee Young » Fri Oct 14, 2016 4:34 pm

In the absence of a declaration of trust what evidence might there be that the asset in question is owned 99:1? If there is no such evidence then a declaration is needed to confirm it as anything other than 50/50. Once that is done, a form 17 is needed for HMRC as without it the income is 50/50.
Lee Young
Solicitor, Chartered Tax Adviser and Trust and Estate Practitioner


Partner, Frettens LLP
lyoung@frettens.co.uk
01202 491701


Return to “Property Taxation”