FHL and Declaration of Trust

Hello, Hope everyone is well. We have a Furnished Holiday Let with the ownership split 50% Mum and 50% Brother and I. Me and my brother do all the work in the letting business and we would like to split the profits differently to the ownership. for example 20% Mum and 80 % Sons. I have read the declaration of trusts and form 17 info on here. I don't think form 17 is suitable as it is for civil partners/married couples. How do we go about it? Appreciate your advice, thank you

Hi ,
 

Thank you for your question.  You are correct in thinking that the Form 17 is not suitable. Where there is no partnership, the share of any profit or loss arising from jointly owned property will normally be the same as the share owned  in the property being let. But joint owners can agree a different division of profits and losses and so occasionally the share of the profits or losses will be different from the share in the property. The share for tax purposes must be the same as the share actually agreed. Further guidance can be found at : PIM1030 - Introduction: jointly owned property & partnerships   . Thank you .