Shelter’s Income and expenditure figures highlighted13:57 PM, 4th February 2019
About 2 weeks ago 35
19:14 PM, 1st March 2017
About 2 years ago
My property portfolio is in joint names with my son. 95/5 split to me.
I collect all the income, my son receives no income, and I declare 100 per cent on my tax return. My husband is about to retire and will therefore not be utilising his tax allowance.
Is it possible for me sublet the properties to him on a non-assured shorthold tenancy and for him then to sublet the properties on an assured shorthold tenancy?
My income would then be the rent I receive from my husband and my expenses would be mortgage costs. His income would be the rent he receives from his tenants and his expenses would be his rent to me and the running costs of the property.
Would Inland Revenue recognise this structure in relation to our individual tax, ie I would be taxed on the rent I receive from my husband less my expenses and he would be taxed on the rent he receives from his tenants less his expenses or would they ignore this structure and tax me as the property owner as if this structure did not exist?
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