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  • Tax

    Tax on letting domestic property

    I bought my property 10 years ago with my then wife. Both names on deeds, joint mortgage. 6 years ago my wife became an ex, left the uk and filed for dissolution. I have come to understand the terms "Joint Tenants" and "Joint and Severally Liable" very well. I can not get consent to sell and the legal options are lengthy, expensive and the outcome uncertain. I have CTL for a lodger from the lender and am confident I could get CTL for a tenant.

    What are the income tax implications if the house is rented? How is the income allocated for tax purposes, i.e. myself and my ex wife?

    If the legal process takes longer than 18 months how is CGT allocated? Is it simply taken from the sales proceeds or is allocated per individual?

    Does it make any difference to the tax situation if I change the ownership to "Tenants In Common"?

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    Income is divided between owners and so is tax.

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