Income from property to one owner

T

Thesearcher

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Hello,
If my partner has a mortgage on a property and I am a beneficial owner and we rent out the property, does it matter to revenue who owns the property when it comes to the rental income of that property? I.e. If I were to retain the majority of the income after the mortgage and expenses are paid off is she liable for any of this or is it whomever declares the income as theirs? (CGT issues aside).
Thanks in advance.
 
Thesearcher said:
Hello,
If my partner has a mortgage on a property and I am a beneficial owner and we rent out the property, does it matter to revenue who owns the property when it comes to the rental income of that property? I.e. If I were to retain the majority of the income after the mortgage and expenses are paid off is she liable for any of this or is it whomever declares the income as theirs? (CGT issues aside).
Thanks in advance.
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How did the property get into your ownership of someone else has a mortgage on it? That could be a potential tax issue on its own.
 
Fortune said:
How did the property get into your ownership of someone else has a mortgage on it? That could be a potential tax issue on its own.
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Thanks Fortune. We haven't bought but looking at a specific property to buy and rent for a few years before moving in. I can't get a mortgage for my own reasons but she can. We both have the majority of the funds with an LTV of 30%. Not sure if the banks will entertain it but I know it's possible for one to have a mortgage with someone else on the title who doesn't or an agreement of some sorts. Want to find out what the deal is with everything else but here to find out about tax on income.
 
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