Sally
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RE: taxation of rental property for unmarried partners
Hi Thank you for your response. Therefore can you just confirm that even though we own the property as joint tenants we can still complete a form 17? Kind regards Sally -
RE: taxation of rental property for unmarried partners
Hi Thank you for your reply. The property is held as joint tenants. Upon reading some guidance my understanding is that this can be taxed in any split when unmarried but must be 50/50 once married. Please can you clarify if this is the case. If so does it not matter that we owned it in different shares before marriage? In either case how would I tell HMRC that we married part way through the year and therefore profits don't look like they are split in the ratio they should be ( due to pro rating). Thanks Sally -
RE: taxation of rental property for unmarried partners
Hi Myself and my then partner (not married) purchased a house as joint tenants to rent out. We completed a declaration of trust at the time of purchase to say I owned 99% and my partner 1% and we're taxed on the profits in this share. We have since got married. Do I need to complete I need to complete a form 17 to remain taxed in this percentage (99/1)? If so does the income revert to 50/50 from the date of our marriage to the date I complete the form or does it back date to the date of marriage so all profits remain taxed at 99/1? Thanks