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  • Tax

    Part Gifting Property & Income Split

    We are gifting a percentage of our buy to let to our Daughter and are wondering how the income will be split for tax purposes.

    Will this be based on the percentage she owns or is it up to us to determine how much income we give her & can this be varied?

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    You can vary with daughter, see jointly owned property no partnership here https://www.gov.uk/hmrc-internal-manuals/property-income-manual/pim1030

    Deb

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    Debbie Franklin

    Director of Tax Peplows Limited

    CTA ACA FCCA


    Hi Debbie

    My husband and I own our properties as tenants in common 50:50.

    Can we split the rental income 99:1 in favour of me

    as my husband wants to avoid paying additional tax rate on his pension income due to clause 24.

    Do we have to be a partnership to do this or can we just advise HMRC that we want the rental income split this way.

    Thanking you Kathleen Drea.

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    As you are married, unless you are a partnership then you must declare the income 50:50. You can vary this by changing % ownership and submitting a form 17.

    Deb

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    Debbie Franklin

    Director of Tax Peplows Limited

    CTA ACA FCCA