What is the best way to tackle this issue?
If you want to give your wife a 99% beneficial interest then do then (i.e. declare a trust) and file form 17 with HMRC.
Hi section44 , can you please help with this problem.
I own a property that I rent before i got married. Now I am getting hit with 40% tax because of my income from my job.
Property is mortgaged, and my name is on the mortgage contract. So I own the property 100%. Because my wife is a housewife (no income) the lender does not wish to include her in the mortgage.
Is it possible to transfer the rental income to my wife, and if yes how.
Every single thread on the net is dealing with shared ownership. I can't find a single one that deals with "husband owns a property - rent goes to wife for tax purposes."
Thank you
Petros