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Can You Be A Landlord But Not An Owner?
portlandboy
Posts: 297 Forumite
Hi All,
I am about to inherit a flat and I intend to let it out. I am the sole beneficiary to the flat (left to me by my father) but I'm not in the best of health. I want to put both my name and my wife's name on the tenancy agreement as Landlords. Does anyone know if this is allowed, or whether there are any tax implications for doing (or not doing) this? Can I use her unused tax allowance to ofset my liability, etc?
We both have wills in which we have assigned all of our property (our home and other assets) to each other in the case of one of us dying so I guess that my wife would become the outright owner in the end. But does she own half of the flat as soon as I inherit it?
Thanks,
I am about to inherit a flat and I intend to let it out. I am the sole beneficiary to the flat (left to me by my father) but I'm not in the best of health. I want to put both my name and my wife's name on the tenancy agreement as Landlords. Does anyone know if this is allowed, or whether there are any tax implications for doing (or not doing) this? Can I use her unused tax allowance to ofset my liability, etc?
We both have wills in which we have assigned all of our property (our home and other assets) to each other in the case of one of us dying so I guess that my wife would become the outright owner in the end. But does she own half of the flat as soon as I inherit it?
Thanks,
Note to Self: When posting, remember to keep within "forum rules" to avoid upsetting other "interested parties"
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Comments
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My understanding is that you will have made a transfer for CGT purposes when you put her name on the property.Warning ..... I'm a peri-menopausal axe-wielding maniac
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OP is married. He can just give her a share in the property.
He could also have the will varied as no one would be adversely treated by this change whereby he and his wife inherit half each of the flat................................I have put my clock back....... Kcolc ym0 -
Robert_Sterling wrote: »OP is married.
Durrr...... I am in numptie mode - sorry. Watching Casualty, so I guess I've been "dumbed down"
Warning ..... I'm a peri-menopausal axe-wielding maniac0 -
Thanks to you both. I looked at doing a Deed of Variation but the probate company want £350+VAT so unless there is a good reason (i.e. tax or suchlike) I'm not paying to do that. So I guess I'll just give half to my wife when I inherit... instead of a valentine's gift!!Note to Self: When posting, remember to keep within "forum rules" to avoid upsetting other "interested parties"0
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