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Where Taxpayers and Advisers Meet

Transferring rental income to spouse

Dev_1
Posts:53
Joined:Sun Jun 18, 2017 4:00 pm
Transferring rental income to spouse

Postby Dev_1 » Wed Feb 26, 2020 8:14 am

Morning,

Is it possible to transfer rental income to spouse via a declaration of trust?.

If so any suggestion how one should read & how is it defined for how long my partner would be entitled to the rent. Would we be able to state this I.e 12 months, 18 months, 24 months.

Apart from the declaration of trust are there any other forms which we would need to HMRC?.

I am/would be 100% owner on the title.

I am higher rate tax payer and she is basic.

Both currently employed.

Many thanks

pawncob
Posts:5099
Joined:Wed Aug 06, 2008 4:06 pm
Location:West Sussex

Re: Transferring rental income to spouse

Postby pawncob » Wed Feb 26, 2020 11:37 am

Do a search .
https://www.taxationweb.co.uk/forum/viewtopic.php?f=10&t=55940&p=205210&hilit=rental+income+to+spouse#p205210
With a pinch of salt take what I say, but don't exceed your RDA

maths
Posts:8507
Joined:Wed Aug 06, 2008 3:25 pm

Re: Transferring rental income to spouse

Postby maths » Wed Feb 26, 2020 6:17 pm

A transfer from one spouse to the other only of rental income is not effective for income tax purposes. It gives rise to a settlement.

It is necessary to transfer a beneficial interest to the other spouse.


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