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Tax for mix of solely and jointly owned FHL

What are the tax implications for a mix of solely owned and shared FHLS

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I already own 2 furnished holiday lets which are owned completely in my name, I handle all the lettings, have my own bank account and pay all the bills. So currently I am declaring all profits and losses to the taxman on my own self assessment.   

My husband and I are now considering purchasing a third holiday let but because of finances we will need to purchase the property jointly. Am I allowed to add this propety to my portfolio and use advantages such as averaging election as I already have a healthy number of weeks for the other 2 properties. And a second question can I apportion the profits/losses for the new FHL across my whole new portfolio of 3 properties and make the profit or loss share 100 percent in my favour with 0 percent to my husband for this third property. Also do I need to fill in any forms to inform the taxman of my decision to make the profits/losses 100 percent in my favour. 

Thanks in advance

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Psycho
By Wilson Philips
14th Jan 2020 12:03

It's not a straightforward question so for once I'm going to agree in advance with Accountant A and suggest that if you can afford 3 BTL properties you can afford to pay for professional advice.

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By Tim Vane
14th Jan 2020 12:16

Seconded.

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By Wanderer
14th Jan 2020 12:50

Susan_Dawson wrote:

I already own 2 furnished holiday lets which are owned completely in my name, I handle all the lettings, have my own bank account and pay all the bills. So currently I am declaring all profits and losses to the taxman on my own self assessment.   

My husband and I are now considering purchasing a third holiday let but because of finances we will need to purchase the property jointly. Am I allowed to add this propety to my portfolio and use advantages such as averaging election as I already have a healthy number of weeks for the other 2 properties. And a second question can I apportion the profits/losses for the new FHL across my whole new portfolio of 3 properties and make the profit or loss share 100 percent in my favour with 0 percent to my husband for this third property. Also do I need to fill in any forms to inform the taxman of my decision to make the profits/losses 100 percent in my favour. 

Thanks in advance

Probably, possibly, possibly, possibly.
Your accountant will be able to advise on the detail.
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