Joint Property and Self Assessment Tax Return

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    Joint Property and Self Assessment Tax Return

    If you have a jointly help property, do you split the income and also the profits/loses 50/50 for the individual tax returns?

    Many thanks
    Claymore

    #2
    Yes that is correct. The split can be changed by the use of a Declaration of Trust and a Form 17 to HMRC. Regards Peter

    Comment


      #3
      I assume you are married, and the jointly owned property is with your spouse?

      Comment


        #4
        No, not married at the moment. We get married in September.

        Comment


          #5
          At the moment, Form 17 is not relevant as it only applies to married couples (or Civil Partners).

          Whilst unmarried, the income can be split however you wish - with the appropriate supporting paperwork.

          Comment


            #6
            I would add that please remember to address the Issue of a Deed of Trust and a form 17 dated the day of your marriage or 50/50 will apply.

            Glad you asked the question King-Maker.

            Regards Peter

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              #7
              Many thanks :-)

              Comment

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