Reducing Tax Liability on a Renting PropertyMake Text Bigger
Currently my wife and I are joint owners of an apartment which our daughter lived in until recently. Now she has moved out we are about to rent it.
I am a 40% Tax payer and my wife is a 20% Tax payer, so we are looking at every avenue to reduce our tax liability.
My question is am I able to remove my name from the Deeds so the apartment is sole owned by my wife and therefore reducing our overall tax liability as she will only have to pay the 20% Tax on any future income?
I have spoken to a number of individuals, however there has been contradictory responses indicating that HMRC might view this as a Tax avoidance measure.
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