Hi - I'm such a newbie that my partner and I (not married) haven't even completed on our 1st BTL yet but our solicitor wants to know what % shares we are buying in as Tenants in Common.
I want to know about the tax implications because although I'll be putting in 85% of the deposit for our BTL flat, and we will have a Declaration of Trust to record this, I don't want 85% of the income to be allocated to me because it'll push me into the higher tax bracket.
So my question is can you own a majority % of a BTL property but receive a different, minority, portion of the income arising from it? Can I even receive 0% of the income with my partner receiving 100%)?
I've done a little research and looked at Form 17 which others on here helpfully linked to. There are different boxes for 'Beneficial interest in property' & 'Beneficial interest in income' so it looks like I can but I'd like some reassurance to be totally sure!
I want to know about the tax implications because although I'll be putting in 85% of the deposit for our BTL flat, and we will have a Declaration of Trust to record this, I don't want 85% of the income to be allocated to me because it'll push me into the higher tax bracket.
So my question is can you own a majority % of a BTL property but receive a different, minority, portion of the income arising from it? Can I even receive 0% of the income with my partner receiving 100%)?
I've done a little research and looked at Form 17 which others on here helpfully linked to. There are different boxes for 'Beneficial interest in property' & 'Beneficial interest in income' so it looks like I can but I'd like some reassurance to be totally sure!