Miss A was made redundant and decided to live with her boy friend and rent her flat out. After a few years they decided to get married. She then changed her leasehold flat into a tenancy in common by putting her husband name in the lease so as to share the rental income.
My question is when does the husband's share of the rental income starts - date of marriage, date when he became a tenant in common or 50/50 regardsless.
Replies (3)
Please login or register to join the discussion.
As has been stated repeatedly here before (do a search) it's whatever date the parties agree (within reason of course). If you have ever had the misfortune to complete HMRC's online NRCGT calculation you will see their questions use that very word to determine the respective beneficial owner's share of income/expenses i.e. "agree".
The same is true for bank accounts and also where the named legal account owner is a nominee. See:
http://financeandtax.decisions.tribunals.gov.uk/judgmentfiles/j10624/TC0...
A point for the future - don't forget if sold it has never been his PPR. Perhaps she should have sought advice first.
He can't have rental income before he owns it, can he ?
Totally agree about the PPR - that might be a significant own goal.