I am looking for some advice on the best option in relation to tax on a second property I own jointly (50/50) with my wife.
I am in the higher tax bracket, but my wife isn't...even if we take into the account the income from rental. So should I transfer the deeds into her name and she owns the property 100% and declares the income, would I be right in thinking that I wouldn't be liable to pay any tax? I ask as this was my thinking, however, someone mentioned I should check as we are married.
Also, if I was to transfer the property back into our joint names nearer to the time of selling, to avoid my wife being left with the Capital Gains Tax bill, does HMRC take into account that the property was solely owned at one time at point of sale?
Thanks for your help.
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