Adding spouse to commercial property for tax purposes

Dompote

Hi. I wonder if anyone could kindly advise me? I jointly own 3 shop properties with my brother (inherited from my Father) which give me an income each year. This amount plus my self employment earnings now takes me over the tax threshold. So I am now paying tax on whatever I earn above the £12K threshold but my wife has no income at the moment and so pays no tax and also has an unused allowance, apart from the married tax allowance which I discovered last year. So what I am wondering is would it be possible to declare half of my rental income as my wife's - which after all it is. Would this need to be done via the land registry office or can I simply declare this via HMRC Form 17 which I have read about? I would be very grateful of any advice. Thanks

sal_III

You will have to transfer her an interest in the properties. You can't just declare part of the rent income in her name. The same way you can't declare parts of your other income from Self employment in her name.

G_M

I asked my employer to pay half my annual salary to me and half to my partner who's a lazy bum and does not work.


Not a problem. I'm happy. Employer happy. HMRC happy. Partner happy. And the flying pigs are happy too.....

Socajam

If I was your brother who owned 50% of the properties I would not consent.
There are too many problems on this forum with people trying to find some solution to a tax problem and guess what their relationship breaks down and all hell break loose with the wife, husband or unmarried partner.