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Posted Wed, 30 Oct 2024 18:57:31 GMT by Tobias Rank
I own a house with a driveway in London. I am the sole owner. However, my wife contributes 50% to the mortgage, maintenance, renovation and all bills. I am renting out the driveway of my house. The rental income is £2,200 p.a. Has my wife a financial interest in the property which would require me to share the rental income with her? If so, would I then allocate 50% (£1,100) to myself and my property allowance. And would I would allocate the remaining 50% (£1,100) to my wife and her respective property allowance? Thank you
Posted Tue, 05 Nov 2024 16:42:45 GMT by HMRC Admin 33
Hi,
As sthe sole owner of the property you are liable for the income received from the rental. If you wish this to be split with your wife, you will need to submit a declaration of trust advising of the new split. This cannot be applied retrospectively.
Thank you

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