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!
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