George--
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Rental Income
Hi I own one rental property with my son as joint tenants. We have an agreement that I would take all the rental income; I understand that joint tenants can divide the rental income on the ratio they agree upon i.e. it doesn't have to be 50/50, my question is does this agreement have to be in writing devised by a solicitor or is it something we can do ourselves and as it is joint tenants what written document would we need for example 'deed of trust' 'declaration of trust' or simply just a written signed document? Kind regards George -
self assessment for joint tenants property ownership with non spouse
My son and I own a rental property as joint tenants. At the moment we have an agreement I would take 100% of the rental income, my question is do I only need to submit a self-assessment and not my son as he doesn't receive any rental income as my understanding is joint property ownership which is not with a spouse does not have to be 50%:50% divide.