Income from Joint ownership of BTL property

Hi - My wife and I own property jointly and have received income equally by mutual agreement. 1. Can we agree between us that one of us will now receive a greater proportion of income ie from 50:50 to say 60:40% for example? 2. Will this require a formal deed of trust to be completed and registered, or will a declaration between us be sufficient for HMRC purposes? Any help would be very helpful. Thank you

Hi,

If you want to change the split of income from jointly owned property to unequal shares, you will need to complete a Form 17.

You will also need to provide evidence that your beneficial interests in the property are unequal, for example, a declaration or deed. You can see further information here:

Declare beneficial interests in joint property and income

TSEM9230 - Ownership and income tax: legal background: joint ownership - presumption of joint tenancy

Thank you.