Form 12 Rental Query - Husband & Wife own property jointly, how to show on Form

D

Donal112

Guest
Hi all,

great info here. I have a query regarding completing Form 12. Myself and my wife jointly own a rental property. It was our PPR until October 2010 when we moved out.

Currently we are renting ourselves elsewhere (due to work) and have rented out our house since 1st November 2010 - registered with PRTB, etc.

In the rental section on the Form 12 it asks for 'Number of Properties Let' by Self & Spouse. Do I say 1 for both of us (then it looks like we have 2 properties rented out) or can I say 0.5 for both of us, and do I split all income/expenses 50/50. Alternativelty, should I just put 1 and all of the details under 'Self'.

2nd Question - obviously I take rent, interest, etc just for Nov/Dec last year. For all other expenses paid, eg. mgmt fees, insurance, do i apportion them all (ie. divide annual premium by six for 2 months of year). And finally same for Capital Allowances, instead of taking 12.5% for the year, do i take 12.5% divided by 6.

Thanks for any help
 
Welcome to Askaboutmoney. Without meaning to "deflect" your query have you already searched for and looked at the several existing queries about Form 12 returns and rental income in case any of them address your queries? Maybe they don't but worth checking just in case... Hope this helps.
 
Hi Clubman,

thanks for the welcome and reply. I have been searching and reading threads for the last hour but can't find specific answers to the first question above, about splitting rental property between myself and my wife.

I can see that expenses should be pro-rated but still not sure about the C.A's.

Any advice would be greatly appreciated.
 
Its impossible to answer your question without knowing more about your respective earnings etc. For a start, is it wise for you to split your rental income 50/50?
 
Hi,

I see your point. But as the property is jointly owned I assumed that we wouldn't have a choice in this, and would have to declare the income 50/50? Which is why I thought the form was strange because to say we each have a rental property makes it look like we have 2.

Also, we would both be in the higher tax bracket/band for our PAYE incomes (only other income).
 
Donal112 said:
Hi,

Which is why I thought the form was strange because to say we each have a rental property makes it look like we have 2.
Click to expand...

You each enter 1 under the number of properties and split the amounts. It's a very common situation.

And yes you apportion other expenses as required.

Capital allowances though are different as in i'd love to know how you calculated these given it was your PPR?
 
You can put 1 for the number of properties for one spouse, and just leave the number blank for the other. Split the income 50:50.
 
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