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A brother and sister own a property that is let out. The sister says she wants nothing to do with the property and the brother receives all of the rent. Will this income be taxed on the brother only? It is intended that the brother’s company will receive some of this income in future
We have recently started acting for a brother Mr A and his sister Mrs B. They have some joint business interests and some separate business interests.
Mr A and Mrs B were gifted a property by their father a number of years ago. Mrs B has always maintained that the property belongs to Mr A and does not want anything to do with it. The property has been let on a commercial basis in the past and the income has been recorded on Mr A’s tax return only.
I have asked the brother and sister whether there is a signed agreement in place to record the income treatment and although being told there is I have not seen it.
The tenants of the property have recently left and Mr A is trading from the property as a limited company A Limited. No rent is...
