My brother and I bought a house together. I own 60% and he owns 40% (this is on the deeds). I live in the house and he does not. I have two lodgers living with me, who pay rent.
Typically one is allowed £7500 tax free lodger income if you live in the house. If you are joint owners you are supposed to split this 50-50 (£3750 each). Hence I would be eligible for £3750 income tax free, and my brother will be eligible for £0 tax free since he does not live in the house. But would we be able to split it 60-40, since we are 60-40 joint owners?