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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
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