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Comments
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I shall ask again, who has been declaring the rental income to HMRC?
Another question, who has been responsible for the repairs and maintenance of the property for the last 15 years?
I declared for HMRC as its all in my name. Prior to me refurbing the house to luxury living there hardly ever repair work. I paid expensive stuff like new boiler, boiler repairs, washing machine, fridge etc. I do not know if he has paid for anything.0 -
To me that sounds as though Paul is the sole legal owner of the property but Tom might be the sole beneficial owner of the property. Could you please clarify:
1) Who is named as the landlord on the tenancy agreements?
2) Who has been declaring the rental income to HMRC?
1) Paul
2) Paul0 -
Then it sounds as if Tom can jog on.
Edit: :wall: :wall: :wall:
I am out!0 -
foxy-stoat wrote: »3) Did Paul commit mortgage fraud by not declaring the deposit come from Tom or the terms of the "loan"?
It was given as a gift never as a loan. My broker did everything. I was 20 back then and it was only £164 mortgage but my income was good as I had a fairly good job.0 -
Tom would only be entitled to the rent money if he was the beneficial owner. If your mutual agreement was that Tom received the rent money then it sounds as if the mutual agreement meant Tom was the beneficial owner.
It's either that or you've been evading tax for 15 years.
mutual as in only a verbal agreement, nothing written. it was only agreed because of my mum. I believe the tax was paid0 -
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So Tom collects rent, yet Paul pays the tax?
If Tom's income was significantly high Paul could've underpaid tax and depending on his intent, one or the other may have committed tax fraud? Of course if you're both quite poor it's not an issue, but if you had different income levels and depending on when one of you was paying...0 -
glentoran99 wrote: »so what did you declare to HMRC and how much tax did you pay on money you apparently never saw?0
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For a court, what a) written proof do you have that the other guy gifted you the money? b) why did you let the other person collect profit for so long? Do you have written evidence of your objections from early on?0
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