Transfer of rental income

I own a rental property with my brother. The rental income currently is shared equally (50:50) amongst us. I would like instead of all the rental income to go to my brother, however share of ownership of the property is to remain the same (50:50). Could you please advise how I would go about this?

Hi Zy24,

You can submit a declaration of trust stating the percentage split of beneficial ownership for HMRC purposes.
The beneficial owner who 'enjoys' the income would be chargeable to the income tax.
You should study TSEM9205 which will guide you. TSEM9205 - Ownership and income tax: legal background: joint ownership - general

Thank you.

Hi There, Just following up on this. My mum, my aunt and I are joint tenancy. Can the joint tenancy also write a declaration of trust to show that me and my aunt are happy to transfer our rental income (beneficiary) to my mum? And my mum is happy all the income will be chargeable to the income tax? Can we write this by ourselves without solicitor to do so? Do we need to send a copy of declaration of trust to HMRC?