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Posted Wed, 14 Aug 2024 14:52:30 GMT by CHunter
Hi, On a Buy-to-let property with joint ownership (not spouses), one of the owners wants to move back in short-term (under 6 months) during a renovation and would be covering the mortgage during that time. Would the other owner still need to pay tax during that time, despite it not being rental income, merely mortgage payments? Many thanks,
Posted Thu, 15 Aug 2024 15:49:44 GMT by HMRC Admin 25
Hi CHunter,
With the information you have provided, the owner who has decided to move into the property on a short term basis would continue to declare the mortgage payments on their yearly tax return (i.e. the normal monthly payments, plus the six months they are covering in full).
The other owner at the same time, would apportion their mortgage payments they have made in line with the short term pausing of the rental business.
The second owner would not declare mortgage interest made during the short term stay as they have not made such payments.
Thank you. 

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