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income be assigned to one partner
moneychristy
Posts: 11 Forumite
We own a flat as joint tenants can all income be assigned to one partner. We are married. One earning a lot the other vitually nothing. It would make sense to use up the tax allowance?
Can this be done.
Can this be done.
0
Comments
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everyone has their own tax allowance, and it isnt interchangable.
so the answer is no, you cant transfer the unused tax allowance to anyone else.
how can you be tenants in an owned property?0 -
A jointly owned leasehold? A jointly owned freehold? It's called a joint tenancy or a tenancy in common when you own a property.everyone has their own tax allowance, and it isnt interchangable.
so the answer is no, you cant transfer the unused tax allowance to anyone else.
how can you be tenants in an owned property?
The income and expenses can be assigned to one partner. You would be best speaking to an accountant for the best way to inform the HMRC of your income. You may also have further expenses you did not know you could claim.:footie:
Regular savers earn 6% interest (HSBC, First Direct, M&S) Loans cost 2.9% per year (Nationwide) = FREE money. 0 -
most people would refer to being 'owner occupiers' rather than tenants if they owned property.
if you want to be technical, then most peoples properties are owned by the mortgage company/bank until the mortgage has been repaid.0 -
most people would refer to being 'owner occupiers' rather than tenants if they owned property.
if you want to be technical, then most peoples properties are owned by the mortgage company/bank until the mortgage has been repaid.
Tenants in common is a particular type of ownership. It is explained in lay terms here.
A mortgaged property is not owned by the lender, the lender has a charge on the property.0 -
http://www.hmrc.gov.uk/manuals/pimmanual/pim1030.htm
might be worth a read.0
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