Changing rental income distribution and Self Assessment

BlueJuly

Hi everyone,

As I understand it, Tenants in Common (4 siblings in this case) may between themselves allocate the annual rental income different to their actual equal share ownership. So that instead of each receiving 25%, they can choose say a 80-20-0-0% distribution. Is this correct?

For Self Assessment does HMRC need to be informed of this arrangement and if so how?

Thank you

Jeremy535897

See https://community.hmrc.gov.uk/customerforums/ifp/71992403-815f-ee11-a81c-0022480003c7

BlueJuly

Thank you Jeremy. 
I've had a read of the tread and links, but to be honest it's left me more confused than before. 

Jeremy535897

Broadly speaking, and leaving aside married couples as that is not relevant here, joint owners of let property can choose to allocate net profits how they choose. Normally there would be a reason behind this, for example where only some of the co-owners are involved in the management of the property. Obviously the overall amount declared must be 100% of the net profit, and I think it would be better if every co-owner declared something. I am assuming there are no finance costs?