Tax treatment of property owned with son

[anjo56]

I own a property with my son with our ownership split 99% him and 1% me. He had a period of unemployment last tax year for 6 months and I was paying 50% of the mortgage and all of the mortgage arrangement fee but took no income. Previously, I have taken 1% of his income and expenditure into my Self Assessment tax return to reflect the ownership split but wonder if I can legitimately include the full value of the actual financial contribution I make in my tax return rather than his? I use Cash Basis for my Self Assessment. Thanks in advance.

[anjo56]

I forgot to say that I have a BTL property with my husband so I am looking to see if it is OK to add the actual amounts I pay for our son to my Self Assessment for that property, given that HMRC treat all property income as a single entity. Sorry, if that wasn't clear before. Grateful if someone could clarify please. Thanks.

[billypiper]

Effectively you have a partnership entity with your son.

As such you can allocate any profits between you as you like.

Dennis

+447802704840