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Tenants in common income tax!


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Hi guys, me and my wife are tenants in common of a rental property we own. My wife pays higher rate tax than me, so my question is......Do we declare the rent split 50/50 on our self assessment returns or can I declare all the rental in my name?  

thanks in advance.....

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If the property is jointly owned you should include 50% of the income and expenditure on each self assessment tax return for your wife & yourself. HMRC will always assume a 50% split on jointly owned property unless you take action to change it. If you want a different split you will need to complete the appropriate forms. You'll need to see a solicitor to get the new split formalised.

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Thanks for the reply. I have a further question.....we only started renting the property out in December.. The total rent received up to 6th April is £1600..

As I understand it, we both get a £1000 property allowance..So for tax year 20/21 do we have  to declare anything?  

thanks in advance      

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