Transferring asset to wife

PeteW

Not sure if anyone will know the answer to this, but worth asking…

If I created a revenue-generating asset (say an iphone app) that earned a grand a month or so. Could I, legally, transfer ownership of that asset to my wife, so that tax on the earnings was paid at her rate not mine? I'm a 40% taxpayer and she doesn't work so this would obviously be preferable. I've no idea if it's legal possible though, or how I would go about doing it.

Any ideas?

Cheers

Pete

holly_hobby

She would have to be the trader, or major holder, as only income declared under her name and tax schedule can be applied to her applicable tax status ... please if you don't understand tax and HMRC applications, for goodness sake employ and pay a tax practitioner.

HTH

Holly x

SeniorSam

Form a Ltd company and both be employees. The employees can then be paid whatever you wish and all expenses can be offset by the company. Use a qualified accountant to help.

Sam