husband/wife advise

[flip]

Hi looking for best way forward please

I own five rental properties. all mortgage, old properties which require lots of maintenance and support to tenants.

all are just registered in my name so i have always declared the income but paid my husband to maintain them as he was a self employed.


he will no longer be self employed so should i keep his self assessment going just for the rentals work

or

should i change all the properties to joint ownership (can i then Inter-Spouse Transfers?) then do the accounts for the properties and just divided any profit between the two of us?

Niether of us work outside of this so only have pensions to consider.

any thoughts would be very welcome
thanks

[GlobalTaxAdviser]

Hi

I certainly would register the property in both names from a income and capital gains tax perspective.

Kind Regards

Sash

[King_Maker]

All mortgaged or all mortgage free?

[flip]

All of the properties hv mortgage

[King_Maker]

You would need to review any inter-spousal transfer for SDLT implications - and CGT implications if any of the properties had been a home.

Also, mortgage interest relief may be restricted to the borrower's altered share.