Married Couples and Rental Income From Second Properties

Personal Solicitors Ipswich – Married couples and rental income from second properties

‘If a married couple rents out a second property, they must declare all the rental income equally unless they have signed a declaration stating otherwise. That declaration could even state that all of the income belongs to one spouse only, even though the property is in their joint names. However, strict procedures must be followed before HMRC will accept this, and there are also other implications to consider. We understand that HMRC is now investigating this issue more closely, and re-assessing cases where married couples have not followed the correct procedures in order to recover unpaid tax.’