Rental Property - How to split the deductibles between a joint tenancy?

[Landlady3]

Myself and Partner started renting a property out in October. As I understand it we both need to register for self assessment as it is a joint tenancy.

However how would the expenses be split between the two on self-assessment?

[Gordon999]

If the property is held under joint names , then each person would submit a tax return after the tax year ending 5th April 2011 , and declare 50% of the total rental income received and 50% of the deductable expenses ( repairs & maintenance ,loan interest etc ).

[Landlady3]

Just to re-visit this thread I made as I am now more enlightened.

As I understand because we are not married the proportion does not have to be equal. The partner is closer to the higher tax rate than me so it would make sense for me to take the rental profits.

When calculating this for the self assessment online how do I go about filling it in, in terms of income and expenses? Is it possible for me to take all the income on my form, but none of the expenses? Or does it need to be a definitive split say 95% me, but 5% partner for both income and expenses?

[TaxationPete]

If you are not married or a civil partner then you can write out and both sign an agreement to apportion the income, the deduction 'must' also reflect that agreement. Regards Peter

[Landlady3]

Hi Peter,

Forgive me if I appear slow I am still on a learning curve.

From what I understand you are saying then it is not possible for me to take 100% of the income, but none of the expenses (with the partner taking all the expenses).

Are you saying if I take 99% of the income, and the partner 1%. Then I must take 99% of the expenses (i.e the deduction) and the partner 1% it can not be different?

[TaxationPete]

Correct.
If you took 100% of the income and your partner 100 of the expenses, what would they offset set these costs against if he has no income from the rental property. Regards Peter