Rental Income split

jayencee

Hope this is in the right place.

My husband had a property which when he re-mortaged, he put into joint names with myself on both the deeds and the mortgage.

He has always declared any rental profits/losses on his self assessment form and paid the relevant tax. I have been told that as my name is on the deeds and the mortgage that I should also be doing a self assessment and declare 50% of the rental income and that OH should only declare 50% instead of the 100% he currently does.

Is this correct? We are both basic rate taxpayers.

Thanks.

ceeforcat

In short, even though no loss to the taxpayer, that is correct.

In the event of any sale, this will be of benefit to you as you each have an exempt capital Gains threshold.