Hi, I am a joint owner with my parents of a flat.
I am the only one of the three of us living at the property.
Please can you tell me, if I let out a room, can I keep (obviously my parents would consent) and solely declare all of the rental income on my return of does it have to be split with my parents and declared by them also as they own 2/3 of the flat?
I guess, put simply, I’m asking, can the three of us decide who gets the rent income to keep/declare etc or does it legally have to be split by ownership shares (1/3 each)?
If I let it out, I would use the rent a room scheme as I am resident and declare the money (£7500) that way for simplicity.
If the income has legally to be split with my parents as co-owners, is my portion (£2500) eligible for rent a room relief only as they do not live at the property?
And in that case, what percentage can we claim relief for expenses (ground rents, council tax etc) on, only their 2/3 and not my 1/3 as I am resident.
I have tried to search online but there isn’t much info on joint ownership other than for married couples etc so any help much appreciated.