Joint Property and Self Assessment Tax Return

[Claymore]

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

[TaxationPete]

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

[King_Maker]

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

[Claymore]

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

[King_Maker]

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.

[TaxationPete]

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

[Claymore]

Many thanks :-)