Ex-partners share of income

[umeshg1]

I am not sure what is the best way to approach this situation

I have taken on a new client who has a few BTL properties . He still owns two properties with his ex-partner . He paid for the intial deposit on both properties and all rental income is received by my client. My client assumed his previous accountant was declaring 100% income from this two properties on his tax return. I just realised this is not the case. The mortgage is in joint names with his ex-partner. I understand the ex-partner has not completed her tax returns on her share of rental income. This is going back six years .

My client always assumed he was 100% benefical owner of this property.They did not do a declaration of trust to reflect the benefical ownership

Can I can an agreement from the ex-partner and file backdated amended returns for my client

Are there any CGT or SDLT implications

Any other practical suggestiions would be useful

Thank you

[bd6759]

You should know that you can only amend returns within 12 months after the filing date.

Your client has under-declared his rental income. I'd suggest using the let property campaign to bring it up to date.
https://www.gov.uk/government/publicati ... disclosure