Property ownership

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  • Property ownership

    I am new to this forum but it looks a really useful place for folk to swap thoughts etc. I bought a property 2 years ago, at auction and fire damaged. Spent £30K getting it done up and it was vacant until about 6 months ago.

    I need to now do HMRC self assessment. It is in my sole name but wonder for rental income tax purposes best to arrange for my wife to go on deeds. I am 40% tax payer, she is 20%. Not sure if this helps or best it be soley in her name? Also wonder if in sole or joint names affects any gains tax in the future as better to have a joint allowance rather than one?

    I need to see an accountant but any thoughts from anyone who has been through this would be a real help.

    Cheers.

    Blighty

  • #2
    Repost in TAX FORUM.
    JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
    1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
    2. Telephone advice: see http://www.landlordzone.co.uk/forums/showthread.php?t=34638.
    3. For paid advice about conveyancing/leaseholds/L&T, contact me* and become a private client.
    4. *- Contact info: click on my name (blue-highlight link).

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