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Letting and Tax
norinrad
Posts: 6 Forumite
Hoping someone knows the answer to this....
I'm working full time, but my wife is not employed. If I rent out a property, can we declare this income on my wifes tax return rather than mine to reduce/eliminate the income tax.
The profit from the rental would be under her tax allowance, but on mine would be at 40%.
I'm working full time, but my wife is not employed. If I rent out a property, can we declare this income on my wifes tax return rather than mine to reduce/eliminate the income tax.
The profit from the rental would be under her tax allowance, but on mine would be at 40%.
0
Comments
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HMRC Form 17 allows you to declare the proportions of interest in a shared property, eg 1% to you , 99% to your wife. However, you can only do this in line with the actual ownership of the property.
You could gift the property or a proportion of it to your wife, and then declare it as such, but you cannot just declare it for tax purposes to be different from the actual legal ownership.0 -
ok thanks. I read the form you refer to and it makes sense now.0
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