Hi
I own a 2 bed flat which I rent out. I lived there from Nov 2003 to early Jan 2014 when I bought and moved into a second property. The flat is registered solely in my name and I have a mortgage for approximately 60% of its value. The rental income is about £17k per annum.
With the change in tax rule on property income I will be paying 40% on the income, it also puts me over the £60k income bracket so I will no longer be entitled to child benefit (I have two young children).
My question concerns whether it would be possible to transfer all or part of the income to my partner as he currently looks after our children and only works occasionally so currently has unused personal allowance and would only be subject to some tax at 20%. If so, what would have to be done to 'prove' the transfer - is it possible without transferring the ownership as I imagine he may have difficulty remortgaging the property at current rates?
Thanks for your help
c
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