Tenants in Common 99:1 - Self Assessment

ianpalmer2007

That's great thank you - and as regards the Feb 2nd 2016 to April 5th 2016 for my wife - she only earned £5,000 that year - so HMRC were financially better off with me paying the 100% return - so they are not out of pocket.

I make the point because before we made the transfer TR1 / AP1 at the Land Registry I am assuming I couldn't have split the rental income with her on any basis just because she was my wife - I assumed she had to be on the deeds - hence the Land Registry application in Feb 2016.

booksurr

ianpalmer2007 wrote: »

I make the point because before we made the transfer TR1 / AP1 at the Land Registry I am assuming I couldn't have split the rental income with her on any basis just because she was my wife - I assumed she had to be on the deeds - hence the Land Registry application in Feb 2016.

that is correct, tax is levied on those entitled to the profit. For property, that means its owners (I won't go into the details of legal v beneficial owners as that is irrelevant in your actual context now)

ianpalmer2007

booksurr wrote: »

6. for 17/18 "your wife" will have to cancel the transfer of her allowance
https://www.gov.uk/marriage-allowance/if-your-circumstances-change

We have registered for the marriage allowance now - but just out of interest as my wife will not be earning anything until she gets her pension in 10 years and the rental income allocated to her in total when she receives 99% of it will be circa £4,000 - should we not leave the marriage allowance transfer in place so I can reduce my tax on my pensions (£15,000) by £220 annually?