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Posted Sat, 10 Aug 2024 12:07:55 GMT by SteveW
In SA105 form section 20 and 24 it says place your "total rents and other income from property" then has section 24 listing down allowable expenses. I understand the definition of these. However if you have a 50% share in one property and 5% in another I understand you would submit the total income from both shares(50 and 5%). Do the allowable expenses need to proportioned the same. I have considerable expenses from the 5% property and not many from the 50%. Can you aggregate the two together.
Posted Mon, 12 Aug 2024 12:08:16 GMT by HMRC Admin 10 Response
Hi
Thank you for your question, please see examples which can be located at Jointly-owned property
Jointly-owned property- which advises- In a straightforward case where you own a property jointly with another person (for example, friends, business partners, parent and child or brother and sister) and the property is let out, your share of the rental profits or losses will usually be based on the share of the property you own.   
Also, please see example- ‘Calculating a profit or loss for more than one property’
If you’re renting out more than one property, the income and expenditure from all properties are combined to determine an overall profit or loss for the year.
 

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