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Posted Mon, 02 Jan 2023 10:12:44 GMT by Rob S
Hi there - I have a rental property that is jointly owned in equal shares with my two brothers. I just wanted to confirm from a tax records perspective that we don't need a joint bank account for managing this? ie. it's OK if we use a dedicated bank account in my name only but are splitting the net income 1/3 each across our respective tax returns? (ie. the responsibility for submitting the net income rests on the fact that we have equal shares in the property, rather than the fact a bank account in my name received the income) Thanks 
Posted Fri, 06 Jan 2023 11:54:19 GMT by HMRC Admin 32

You do not need a joint bank account for this income.

Thank you.

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