Rental income split for Married couples

lottie3000

I am thinking this is quite a simple query, i'm just not sure of the answer myself and hoping to get the help I need.

I own a property that I rent out, I have assumed that I can just do the income on my own tax return, is this the case as I am married or by default do I need to split the income 50/50 with my Husband for tax purposes? It is only my name on the rental property.

Pixie5740

If the property is only in your name then you get all the rental income. You would only have to split the income and therefore tax liability if the property was jointly owned.

booksurr

liability for tax follows the ownership, so as above, if you are the only owner then it is entirely your liability

if owned jointly then, and only then, will the default 50/50 apply (until such time as you register an unequal split, if you so choose) because you are married to the co-owner