Sally Gregson
Joined: 8/22/2024
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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