Tuantran1

Thank you a few more questions relating to this. 1) What if the legal status of ownership is transferred from joint tenant to tenant in common on an equal share. Does this change anything or would it still require a declaration of trust as tenant in common ownership? 2) What if the relationship has broken down and we are not in direct contact. My sibling receives and collects the rental and keeps it to themselves as the main managing agent. Would I still need to declare 50% even though I do not receive any of the beneficial rental income? Also, how am i suppose to pay 50% income tax on the rental if I did not benefit from the rental income. And what if I don't know what the rental income was for the tax year to input in my self assessment because we are no longer in contact. 3) What kind of declaration of trust is needed? Is this a standard form or something that requires a solicitor? Please help so I can complete my self assessment correctly.

Hello, I jointly own a rental property with a sibling and have previously received income which was declared as 50:50 for self assessment. If our circumstances or relationship changes and I no longer received any income from the property or a different ratio. for example they received 100% of the rental income do they need to declare it as 100% on their self assessment and I would let my accountant know to declare none income received on my self assessment. Likewise, if the sibling received 80% and I received 20% this is what we would need to declare separately and let our respective accountants know. As we both use different accountants is that right? Please could you help clarify.