Can we split rental income?
Q I own a house with my son as tenants in common, 50 per cent each, owned outright. We started renting it out last year, and the rental income goes to a joint account. I am retired and don’t need the money and would like to split the profit (income minus expenses) 75 per cent for him and 25 per cent for me, and we aim to put these relative values in our tax returns. Can we split the money unequally in this way?
My son will be completing a selfassessment tax form for the first time, and as well as paying