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Transfer rental income to spouse

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I own a property for which I am the sole registered owner. Property was bought after we got married, and currently has no mortgage.

I am is the higher earner and the property is now rented. Can I transfer 100% ofthe rental income to my wife to make use oftheir personal allowance and marginal tax rates.

  • Do I need to submit a Form 17 and/or create a declaration of trust?
  • Is a verbal agreement between me and my partner enough?
  • Since my property's income will be reported in my spouse's tax return. Does HMRC require us to also submit any written document/declaration when we file ourtax returns this year?

Replies (5)

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By williams lester accountants
07th May 2023 16:22

Good starting point would be to speak to your accountant. They will be best place to know your personal circumstances and therefore be able to advise accordingly

Thanks (1)
By More unearned luck
07th May 2023 17:08

"Can I transfer 100% of the rental income to my wife...". Yes you can. But I'd expect HMRC to invoke the settlements legislation. You should be more generous.

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By paulhammett
07th May 2023 20:19

It’s always a good idea to say “please”.

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Replying to paulhammett:
By David Ex
07th May 2023 20:39

paulhammett wrote:

It’s always a good idea to say “please”.

Correct although I was once rebuked by a moderator for making the same observation.

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Replying to David Ex:
By Catherine Newman
07th May 2023 23:44

I have sent a message to the OP to PM me.

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