Landlord tax planning – allocating property income to wifeMake Text Bigger
I am a 40% tax payer and rent out two properties.
To minimize my tax bill I want to allocate some of the income from the properties to my wife who is currently not earning and so has her full tax free allowance.
I have two residential mortgages on the properties as I previously lived in them both. Therefore, I don’t want to change the mortgages.
I would happily transfer half of the income if that was the easiest solution. To do this would I simply need to add my wife onto the deeds and then share the income 50/50 between us? If this is possible can I offset the full mortgage costs against my income and not my wifes portion of income?
Appreciate any advice and I appologise if this has been asnwered on an earlier forum.
Thanks in advance
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