kymlam

Hi, Thanks for your reply. I would like to ask more in the case of: “But joint owners can agree a different division of profits and losses and so occasionally the share of the profits or losses will be different from the share in the property. The share for tax purposes must be the same as the share actually agreed.” Does HMRC require me to engage a lawyer to prepare an official agreement for different division of profits from rental income? I read the link provided in your reply but it doesn’t specify. Thanks. Kind regards, Karen

Hi, I co-own a property in the UK with my 2 sisters. Our 3 names are on the property deed. I would like to know: 1. Does HMRC accept different ratio split on rental income between the 3 co-owners? 2. Any formal document needs to be drafted or forms to be filled in for the different ratio split on rental income? Please advise, thanks. Regards, Karen