Flat for BTL investment. Shall we choose joint ten

Joy_mate

Hi all. Thank you in advance.
Me and my wife are thinking to buy a flat together for investment purpose. My wife will be contributing 80% and myself will be contributing 20% towards 25% deposit. My wife's income tax rate is 40% whereas my one still basic 20% tax rate.
Now once we have income from rent, we must declare and pay the tax on it.
But my concern is shall we go for tenants in common while purchasing this flat, so I can choose to have 90% income from rent and my wife has 10% only. In short I will pay only 20% on rent income. Is that possible, by this way we can save some tax on rent income. Anyone have done this before and please giv us Any pros and cons of this option.
No chance of separation or divorce in future until we die.
1. If we'd go for joint tenants then,
For eg: rent income after all th decdutction is £1000, we both can have £500 each and hence my wife will pay £200 in tax , where as I will pay only £100. In total we pay £300
2. If we go for tenants in common then,
For eg: rent income after all the deduction is £1000, from this £1000 I will keep £900 (as a 90% shareholder) and my wife will get £100 (as a 10% shareholder). So our tax will be £180 and £40 respectively. In total we pay £220
Please advise me if I m having wrong calculation / perception above.
Thank you again.

anselld

You can elect to be taxed in line with ownership using Form 17.

You can decide the shares of ownership 90:10 or 99:1 etc and it does not need to be in line with who paid the deposit but that is the actual ownership so your wife needs to be happy to contribute 80% of the money for you to own 90% of the asset.