I am in an unmarried relationship with my partner and we have a property owned 50:50 that we rent out. I am a high rate tax payer and my partner is a low rate tax payer.
Can we change the income so that my partner receives 90% of the rental income and thereby reduce my tax burden? HMRC section 1030 seems to support this.
If we can, how do we formalise this? or do we need to formalise?
Also would it be possible for me to cover 90% of costs and therefore improve my tax situation further. (I do also have my own house that I rent out)
Hopefully that makes sense.
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