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Joint Property Lets

Forums › ACCA Forums › ACCA TX Taxation Forums › Joint Property Lets

  • This topic has 1 reply, 1 voice, and was last updated 5 years ago by cgallacher88.
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  • May 9, 2020 at 3:17 pm #570414
    cgallacher88
    Member
    • Topics: 15
    • Replies: 18
    • ☆

    Good Afternoon,

    If a husband (higher rate tax payer) and wife (basic rate tax payer) jointly own a property and they have property rental Income. Although they each complete a calculation for Property Income. If they split the Income part 50/50 can the higher rate tax payer pay for a significant repair and offset 100% of the allowable expense against his 50% Revenue Share or must this expense also be split 50/50 in line with the Revenue?

    Obviously this would significantly reduce the overall combined Tax Liability for the Husband/Wife?

    Regards
    Craig

    June 30, 2020 at 10:53 am #575423
    cgallacher88
    Member
    • Topics: 15
    • Replies: 18
    • ☆

    Anybody 🙂 ?

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