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?
Related resources
Replies (5)
Please login or register to join the discussion.
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
"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.
It’s always a good idea to say “please”.
Correct although I was once rebuked by a moderator for making the same observation.
