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Posted Sat, 01 Jul 2023 15:31:03 GMT by
In terms of filling a tax return on one property where there is joint ownership and it goes into a joint account, does the tax return need to be split in two and filed separately between both partners or given it goes in one account does it need to be filed in just one as a total sum?
Posted Thu, 06 Jul 2023 15:06:21 GMT by HMRC Admin 20 Response
Hi Sunil Lad,

Income from jointly owned property should be reported in your tax return on the basis of each individuals share of the income, say 50/50
so yes you will need to split the income and report this separately.

Thank you.

 

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