Self Assessment Tax Return

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    Self Assessment Tax Return

    A buy-to-let property has 50/50 ownership between A and B. Can the returns of this property be filed as100% under A's Self-Assessment Tax Return, and avoid the hassle of filing Self-Assessment Tax Return of B?

    #2
    Short answer - No.

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      #3
      Long answer: No.
      I am legally unqualified: If you need to rely on advice check it with a suitable authority - eg a solicitor specialising in landlord/tenant law...

      Comment


        #4
        Each person is required to report the annual rental income and expenses for their own share of the property.

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          #5
          Are A and B married or in a civil partnership?
          When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
          Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

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            #6
            It is possible for people WHO ARE NOT MARRIED (marriage required a separate mechanism and actual beneficial ownership) to agree between themselves as to how rental income is shared (obviously expenses have to be shared in the same proportion).

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              #7
              Originally posted by AndrewDod View Post
              It is possible for people WHO ARE NOT MARRIED (marriage required a separate mechanism and actual beneficial ownership) to agree between themselves as to how rental income is shared (obviously expenses have to be shared in the same proportion).
              I suspect that they can't choose 100:0 as a split even if not married.
              When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
              Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

              Comment


                #8
                Originally posted by jpkeates View Post
                I suspect that they can't choose 100:0 as a split even if not married.
                I have never tried it but they can quote the HMRC guidance manual back to them. Strange but true.

                https://www.gov.uk/hmrc-internal-man...manual/pim1030
                Jointly owned property: no partnership

                Where there is no partnership, the share of any profit or loss arising from jointly owned property will normally be the same as the share owned in the property being let. But joint owners can agree a different division of profits and losses and so occasionally the share of the profits or losses will be different from the share in the property. The share for tax purposes must be the same as the share actually agreed."

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                  #9
                  AndrewDod If there's any kind of "share" there must be more than zero% ownership by everyone.
                  0% isn't any kind of ownership.
                  When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
                  Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

                  Comment


                    #10
                    Originally posted by jpkeates View Post
                    AndrewDod If there's any kind of "share" there must be more than zero% ownership by everyone.
                    0% isn't any kind of ownership.
                    Well 0.001% then...

                    Comment


                      #11
                      Originally posted by AndrewDod View Post
                      Well 0.001% then...
                      When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
                      Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

                      Comment

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