Second Home Joint names or single?

[amby]

Thanks in advance for advice ! My wife and I have just sold a 'second home' which has been rented for the past 13 years, it was in joint names as is the house in which we live.We are hoping to buy another 'second home' for our own use or to rent out...not sure yet on finances. Would there be any advantage tax-wise in having this new home in just one name rather than joint- we are both 65 and retired if that has any relevance ? Thank's again.

[RAL]

Well it depend on personal individual circumstances. You can buy in joint name, then you have to share the income and gains and accordingly pay the tax. You get two lots of annual exemption, plus you can decide how you want to split the income.