Tax Optimisation on Let to Buy Property preferably in sole name?Make Text Bigger
I have a question regarding the best way to go about optimising tax payments as necessary on a new buy to let.
I am in the process of changing a residential property into a buy to let
At the moment the property is in my name. The mortgage is also in my name and I am in the process of finalising the application for a buy-to-let mortgage which will also be in my name.
I earn approximately £35,000 per year, my wife who doesn’t work will be named as a joint landlord with myself, once the property is let.
My hope is that I can claim the income from the rent as solely her income as the rental income is £700 per calendar month
This would therefore show it as under the tax threshold for her meaning no tax is required to be paid
I guess my real question is are there any legal requirements for the property to also be in joint name’s or her sole name and/or does her name need to be on the mortgage?
As it would be preferable to arrange this prior to letting the property
Any help, advice or guidance you can offer would be much appreciated to a beginner property investing couple.
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