Rent Income on Joint Ownership Property - Can one person be nominated all the Income?

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    Rent Income on Joint Ownership Property - Can one person be nominated all the Income?

    Hi

    I have a query on a property ownership and Rent.

    I own a property with my live in partner which we rent out. My partner and I are not married but have children together and live together in a jointly owned home. Separately, I also own another flat (a flat I lived in before we got together) which I rent out and do yearly tax assessment.

    Now we own another property equally which we rent out. However my partner works full time and I manage everything to do with the property letting (find tenants, check references, manage renovations and repairs - he does not get involved). I heard from someone that I can be nominated to show all the income and expenses to do with this joint property. Is this true? Or do we need to split it 50/50?

    Any advice would be much appreciated.

    Thank you

    Jutber

    #2
    Yes, in principle, the share of the income does not have to reflect the share of the capital.

    Ideally, you should receive all of the rent into your sole account, from which the expenses are paid also.

    You may wish to consult a solicitor to draw up the relevant agreement.

    Comment


      #3
      It's helpful to document how all the properties are "shared", that way your respective separate rental businesses are clearly defined.

      Have a look at the flat that you used to own if it's gone up in value, as there is usually a sweet spot taxwise where the advantages of it being previously your home are compered with with twice the available CGT allowance if you both owned it.
      It can be a complete non-starter in most cases, but it's worth a look at while you're doing tax stuff.
      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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