Jointly owned property

Tell Abodient how a property is owned and, if you share it, who owns what, so your tax is worked out on your portion.

Open the ownership panel

On a property's Finance tab, click the button beside Rent status. It reads Held personally, your company's name, or Managed for and an owner's name. The panel that opens is called How this property is held.

It offers three answers:

• Personally — you own it, alone or with others. This article covers it.
• Ltd company — a company owns it. The tax is Corporation Tax, so shares do not apply.
• For someone else — you manage it for its owner. Shares do not apply either; see below.

Setting the shares

With Personally chosen, the panel says Owned by you alone and has an Add owner button. Click it. If the property is already shared, the panel shows the split and the button reads Edit.

A window called Owned personally opens. Choose Shared with others, then add each owner and the percentage they hold. You is already there. Click + Add a co-owner for a partner or family member, give their name and choose Spouse or civil partner or Other co-owner. The shares must add up to 100%.

The window above shows a property split 60/40 with a spouse: each owner, their share, and the total balanced at 100%. Click Save when the total reads "Total — adds up".

You can reach the same window from Property details. Under Ownership, choose Personally, then click Own it with someone else? Owners and shares.

The spouse rule (Form 17)

If you hold a property jointly with a spouse or civil partner, HMRC treats the income as 50/50 by default, whatever the deeds say.

That changes only if you have filed a Form 17 election. If one is in place, set the real split here; otherwise leave it at 50/50.

What it changes, and what it doesn't

Your books stay whole: rent, costs and cashflow keep showing everything the property earned. Only your tax figures use your share.

You are responsible for entering the beneficial share you actually own.

If you manage it for someone else

A property you manage for its owner is not yours to split. Choose For someone else in the panel and a window asks Who do you manage it for? Enter the Owner's name. Email and Phone are optional. The owner can be a person or a company.

The button then reads Managed for and the owner's name, and the panel shows the owner with an Edit button. Switching back asks you to confirm, and disbursements you have already recorded stay as they are.

The rest is covered in Managing a property for its owner.

If the split looks wrong

• Total not 100%? The shares must add up — adjust one until the total balances. Save stays off until they do.
• Tax unchanged after editing? Save the window; the estimate updates once the new shares are stored.
• No option to add an owner? The property is held through a company, or managed for someone else. Choose Personally first.