10:48 AM, 31st December 2014, About 8 years ago 8
All aspects of this question relate to the UK. Earlier this year I bought a terraced house which I renovated and have just let out. The house (according to the deeds) is fully in my name, I own the house.
Other than the rent from this house I don’t have an income, I’m a ‘homemaker’ and mother. I live with my boyfriend with whom I have joint ownership (50-50) of our home which, before buying my terrace, was mortgage free. My boyfriend works full-time and pays tax.
Also, part of the money used to purchase and renovate my buy to let has been raised against the property that we jointly own.
The money borrowed on our property was significantly less that 50% of the property’s value and so could be argued to have been raised against my 50% of the house.
My question is, does any of the income from the buy to let need to be declared by my boyfriend as income or can I declare all of the income as mine ?