Tax Advice on Transferring Property Ownership/Declare Beneficial
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UK-BASED SOLICITOR. LL.M (DISTINCTION IN LAW) LL.B, B.L. CONTRACTS, LITIGATION, BUSINESS, TAX, I.P, START-UP, RESEARCH.
Liverpool
99495113638131858150196882627105583543009
Description
Experience Level: Expert
Hi everyone. I would like some advice on the most tax efficient way to split the rental income of a property between my wife and I before we potentially hire a solicitor to finalise it. The property is currently in her sole name and she is a higher rate tax payer, I pay 20% income tax. Can 100% of the rental income be assigned to me to utilise the lower tax band? If so, do we also need to transfer ownership of the property from solely in my wife’s name to jointly owned. Are there any stamp duty, CGT or any other costs that we should be wary of if we do this?
In addition, I solely own the property that we currently live in. Are there any benefits of having that asset jointly owned? Such as combined CGT allowance should we ever sell, smaller inheritance tax should one of us pass away etc?
I will provide the full details our incomes, mortgages and approximate property value to the successful applicant. Please let me know if you need any further details. Thanks
In addition, I solely own the property that we currently live in. Are there any benefits of having that asset jointly owned? Such as combined CGT allowance should we ever sell, smaller inheritance tax should one of us pass away etc?
I will provide the full details our incomes, mortgages and approximate property value to the successful applicant. Please let me know if you need any further details. Thanks
Steven H.
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