Hi all,
I currently own a BTL flat. The income combined from this BTL and my salary are just about pushing me into the 40% tax bracket, and when the new tax rules come in soon for landlords I'll be well down on the small income I currently get. The flat is in my name only.
My wife is currently on maternity leave and has no income.
What do I need to do to transfer the income to her for her to declare? Do I need to transfer the property in to her name? The BTL mortgage into her name? Or can some form of Declaration of Trust keep HMRC happy as to any income being hers?
Advice very mush appreciated.
Thanks
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