Declaration of beneficial interests in Joint Property
We are both higher rate tax payers however I am in the process of being made redundant and I was wondering if we would be able to inform HMRC of a 99/1 split in my favour on these properties if we were to show 100% of the rent going into my a/c and 1% being transferred to my wife’s a/c. or what proof HMRC would need of this split.
After my redundancy I would be looking to invest in a HMO 99% of the income mine as lower rate tax payer and 1% my wife’s as the higher rate tax payer.
What would I need to do in this instance and is a 99/1 split acceptable to the HMRC or would it have to be something like 90/10?
Many thanks for your assistance in this matter and regards,
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