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Posted Thu, 14 Sep 2023 18:15:25 GMT by mentorima
Good Evening, I require advice on what I must input into part 43 Residential property finance costs as a shared landlord. The value is 1240.00 for our interest but as my spouse is a 50/50 owner do I halve this value like our income or keep this value input? Thank you in advance
Posted Mon, 25 Sep 2023 14:37:59 GMT by HMRC Admin 19

The only way you can split residential finance costs is if the mortgage you hold is a joint mortgage. If the mortgage is solely in your name the person liable to tax on interest is the person receiving or entitled to the income.

Generally, the person liable to tax will be the person who is entitled to the interest, the beneficial owner of the interest bearing account or other source if interest. You can see guidance here:

SAIM2400 - Interest: taxation of interest: the tax charge

Thank you.

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