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?