graym

Hello. On 12th March 2024 I submitted to HMRC a Form 17 declaring a change in the beneficial interests in income between my partner and myself arising from a rental property (changing from the previous default 50/50 split). Given that the 23/24 tax year runs from 6 April 2023 to 5 April 2024, I would like to know how I account for the following in my 23/24 self assessment tax return: - From 5 April 2023 to 11th March 2024: 50% of income. -From 12th March 2035 to 5th April 2024: New split of income. Do I need to calculate this manually and provide some sort of explanation in the any other information section of the self assessment tax return? Thanks.

Thankyou. To confirm, the property is held in the joint names of my partner and myself. I do not therefore have sole legal ownership. I am assuming therefore that it would still hold true that it is up to me/my partner to determine what bank account or type of bank account we would use for rental income purposes?

Hello. I have recently completed a Form 17 HMRC declaring beneficial interests in income arising from a property. Instead of the default 50/50 split, it has now been changed to 0% my share and 100% my civil partner's share. I have not transferred legal ownership; only beneficial ownership. Given that the form 17 states that my share of the rental income is 0% and my partner's share of the rental income is 100%, I am wondering if I need to change the account into which rental income is received and from which mortgage payments are made? At the moment, the rental income comes into a joint account and this is the same account that the mortgage payments are made from. So my partner's name is on the account, as well as mine. I have 4 questions: 1. Is this current joint account set up permissible for the purpose of rental income? 2. If not, do I need to ensure that the rental income goes into a bank account that is in the sole name of my civil partner? 3. Is this current joint account set up permissible for the purpose of mortgage payments and other property related expenses? 4. If not, do I need to ensure that mortgage payments and other property related expenses are paid via an account that is in the sole name of my civil partner? It should be noted that I am not drawing any income from the property following the completion of the Form 17 and therefore not drawing down any monies from the account that rental income is currently being paid into. Clarity on the above questions would be much appreciated. Thanks.