9:39 AM, 6th January 2017, About 5 years ago 28
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!?
Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.
Advice and implementation provided by a practising Barrister-At-Law with £10,000,000 of Professional Indemnity InsuranceBook Now
|“Account”||means an account required to access and/or use certain areas and features of Our Site;|
|“Cookie”||means a small text file placed on your computer or device by Our Site when you visit certain parts of Our Site and/or when you use certain features of Our Site. Details of the Cookies used by Our Site are set out in section 13, below;|
|“Cookie Law”||means the relevant parts of the Privacy and Electronic Communications (EC Directive) Regulations 2003;|
|“personal data”||means any and all data that relates to an identifiable person who can be directly or indirectly identified from that data. In this case, it means personal data that you give to Us via Our Site. This definition shall, where applicable, incorporate the definitions provided in the EU Regulation 2016/679 – the General Data Protection Regulation (“GDPR”); and|
|“We/Us/Our”||Means Property118 Ltd , a limited company registered in England under company number 10295964, whose registered address is 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB.|
|Name of Cookie||Purpose||Strictly Necessary|
|JSESSIONID||Used only to collect performance data, with any identifiable data obfuscated||No|
|__cfduid||This cookie is strictly necessary for Cloudflare's security features and cannot be turned off.||Yes|
|Name of Cookie||First / Third Party||Provider||Purpose|
|__utma, __utmb, __utmc, __utmt, __utmz||First||Helps to understand how their visitors engage with our website|
|_fbp||First||Helps to understand how their visitors engage with our website|