Questions and Answers
Splitting income from properties between married couples
My wife and I have some properties in joint names but as I put in the most money to buy the properties, it seems only fair that I get the lion’s share of the income from them too. However, I have been told that any income from the properties must be split 50/50 - is this true?
I am afraid to say it is the position by default. If you live with your spouse or civil partner, the income from property held in joint names will be split equally for tax purposes.
However, if a married couple wish to be taxed using a different ratio, they could consider changing their beneficial interests in the property and making a special tax election.
It can be complicated and other taxes need to be considered so you should seek advice from a professional such as your local TaxAssist Accountant before taking any action.
Date published 3 Apr 2017
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