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Where Taxpayers and Advisers Meet

Tax on jointly owned property

TomNelson
Posts:2
Joined:Sat Jan 12, 2019 7:16 pm
Tax on jointly owned property

Postby TomNelson » Sat Jan 12, 2019 7:27 pm

My wife and I started renting our property out in July 2018. We are first time landlords and the arrangement will only last for a few years at which time we will return to live in the property.

Before renting it out we contacted solicitors and completed a transfer of equity and declaration of trust and relevant land registry forms. The ownership is now 99% my wife, 1% me. We filled in Form 17s and had confirmation and acknowledgement back from HMRC about the different levels of ownership of the property.

I am a higher rate tax payer from paid employment. My income from property will be about less than £200 per annum. I have no other income other than my job. Do I even need to fill in a tax return? My wife does a low paid part-time job, the income from her 99% share of the property will push her above the is a £11,500 tax threshold for the first time. She will need to do a tax return. Is that right that only one of us does a tax return on a jointly owned property?

Advice would be appreciated please.

pawncob
Posts:5090
Joined:Wed Aug 06, 2008 4:06 pm
Location:West Sussex

Re: Tax on jointly owned property

Postby pawncob » Mon Jan 14, 2019 1:09 pm

https://www.gov.uk/guidance/tax-free-allowances-on-property-and-trading-income
With a pinch of salt take what I say, but don't exceed your RDA


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