I act for several members of the same family (mum, dad & son). Between them they own a number of properties jointly. One particular property is legally owned by the father (I assume that was the way they could obtain the mortgage). But they say it is joint by the father and son - they contributed 50% of the deposit each and assume joint responsibility for the property and divide profits 50/50. How would this be treated for tax purposes?
20th Jul 2011 12:10