My 04/05 personal tax return is being investigated and i have a meeting next week with an inspector.
I have a portfolio of rental and holidaylet properties with my business partner/partner and all have been declared on our tax returns as jointly owned i.e rental profits / losses have always been split 50-50.
Due to one reason or another at the time of purchase some of the properties (and thus mortgage agreements) arent technically jointly owned and some are in just one name.
No deed of trust has ever been made so am i correct in thinking i (and my partners) will have no come-back if the taxman wants to reallocate all the rental income according to who technically owns the property??
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