Help with passing property rental to my wife for tax purposesMake Text Bigger
I own two flats for which up until now I have been receiving the income and declaring it under self assessment. I now have some extra earnings which take me into 40% tax.
I want to pass the property income solely into my wife’s name for tax purposes as she only pays 20%. I have been advised to send HMRC a Form 17 to show that she now gets 100% of the income.
The bit I need help with is this – we jointly own the two flats and it says that I need to produce evidence by way of a declaration of deed. Does this mean that I’m transferring the title deed to my wife solely?
How much does this cost and does it have to be done by a Solicitor? Or am I only transferring the tax requirement to her fully which is what I want?
A final point is that we deliberately bought the two flats jointly so that when we come to sell either we can use both of out CGT allowances. If I sign over the tax liability to my wife am I also then losing out on the joint CGT? Hoping someone can help!?
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