There are many businesses including residential properties, which are rented and are jointly owned by spouses typically 50/50.
The over/deficit of business or on the letting of these residential properties shall be taxed at correct spouse.
Who is the right spouse?
Pursuant to Section 25a (1) of the Withholding Tax Act, the right spouse is the person who predominantly rents the residential property or operates the business. This also applies even if the ownership ratio should be 10/90. This means that if both spouses run the business, then it is the spouse who to a predominant degree operates the company that is considered a proper income earner and therefore must declare income tax. Note, however, that any return on capital must be taxed at the hands of the owners (according to the ownership), and not with the person who runs the business.
Both spouses are jointly and severally liable
If both spouses operate the business and participate equally in the operation of the joint business of one or their partners, and the spouses are equally liable for the obligations of the undertaking, the spouses may, upon request, distribute the profit of the undertaking between themselves.
We do not accept responsibility for any dispositions that may be made on the basis of the above without prior individual advice. Likewise, we accept no responsibility for any errors and omissions.
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