Hi I am looking to buy a property (buy to let) in my name wherein I will have the mortgage in my name and property registered in my name. I work as an employee and in 40% tax bracket. My wife is a house wife and does not have any income at the moment. Also note both myself and my wife do not own any property at the minute and its our intention to buy only buy to let property as an investment.
Few questions in this regard are .
1. Can I legally assign the rental income to my wife thereby ensuring the income tax on the rental income is nullified or reduced to the extent it is assigned to my wife.
2. What is the process to assign the rental income to my wife? please explain in detail.
3. Will my wife also get ownership of property or just the share of the rental income?
4. If there any cap on how much of the rental income be assigned to my wife? can this be as high as 99%?
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