Jean9

Thank you HMRC for your reply and link to the guidance. I have read it again but it is still not clear on the split of income on jointly owned properties by friends/siblings for example ( I understand the position on married/civil partners ) and seem open to interpretation. So, in this respect are you able to confirm if the three statements included in my first post are correct. Many thanks

Hello HMRC I own a rental property with a friend and am considering purchasing another with a sibling and wanted to confirm my understanding on splitting rental income for taxation purposes. After reading the guidance from HMRC this is what I understand : 1. We can decide between ourselves how we split the rental income year on year ( as we are not married or in civil partnership ) . This could be split for example Year 1 - 0% and 100% Year 2 - 25% and 75% 2. It doesn’t have to be in the same percentages as the share owned. 3. It is useful to have a signed letter each year to show our agreed share but this is not a requirement by HMRC. Thank you