Hello,
Apologies if this is inside the wrong topic.
I'm looking to find out if/how much I should pay tax on a property and how to declare it.
My sister and I own a property that was gifted to us. We rented out that property since owning it and have never lived in it at any stage. The rental income goes into a shared account between my sister and I. The interesting part is that she no longer lives in the UK as she moved to Europe some years ago. I, however, have always lived here and we both hold British citizenship.
How do I know if I should be paying any tax? If I do pay tax on it then I'd like to know the following:
- Is it part of capital gains tax or a further income tax?
- presumably I have to backdate it too is this correct?
- how does one even calculate this?
Many thanks in advance
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