My wife and I own a self managed rental property in joint Names.
I consider this to be hers as it was an inheritance and she does all of the work.
As I understand it the profit from this rental is supposed to be split 50-50 and taxed according to our personal circumstances. My wife is self employed on a low salary and pays 20% whereas I am into the 40% band.
My question is, as she manages the rental business can I pay her for her management services in maintaining the property, getting tenants, inspections etc out of my 50% profit as she does all the work and then have it taxed as part of her income including her 50% of the rental profit?
Phillip
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