aviemore » Thu Feb 21, 2013 4:03 pm
I have a query re transfer of rental income to my wife as due to the change in tax relief on mortgage interest, my tax liability is going to go up significantly
1. I own few BTLs with my own name with btl mortgages on them.
2. My wife is a non tax payer
3. I would like to transfer some of the rental income to her
4. I cannot, at this time, transfer the mortgages into our joint names.
What is the best way of doing this without changing the ownership and without affecting the mortgages? What happens to the mortgage interest - if I retain ownership and transfer some of the rental income to her?
if the ownership has to be transferred to make it possible for her to receive the rental income then
is it possible to give her a minor share of the property ( say 20%, provided the mortgage provider agrees) but nominate her to receive a higher share of the rental income). If yes, how are the expenses on the property allocated - as per the ownership or as per the allocation of the rental income ?
Any advice would be highly appreciated.
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