imran
Blogger
Share this content
0
1
580

partnership

partnership

could  a higher tax payer who has income from joint rental property give higher share of the income to his spouse instead of 50% each

Is he required to notify HMRC if so what form does he need to complete 

Many thanks  

Replies

Please login or register to join the discussion.

28th Nov 2012 12:45

Partnership?

Is this a partnership or joint ownership.

It is possible to notify HMRC on form 17 - Beneficial Income Election - if the ownership is not a straight 50:50.

This ratio then applies to all taxes. It can be varied at a later date and any CGT comp will time apportion the gain between the differing periods of ownership ratios

Thanks (0)