beneficial interest to wife + her tax

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    beneficial interest to wife + her tax

    Hello,

    I am the sole owner of a property, which is mortgaged. As a higher-rate tax payer I wish to transfer the beneficial interest of this to my wife, who is currently unemployed (full time mum). This will take effect from April 6th 2019.

    Beneficial Interest
    Do I need an accountant to setup the beneficial interest? or is there a template form available online somewhere? What needs to happen to this form when completed? lodged with HRMC? or just kept by us?

    Her Tax
    Her rental income for 2019/2020 will be below the £12,500 amount for that year, so will she need to register for self-assessment?

    Thanks in advance.

    #2
    You would need to transfer some portion of the actual title to your wife and then use a deed of trust (notified to HMRC with Form 17) to confirm the desired split of beneficial ownership.

    You can't do it less formally if you are married.
    When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
    Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

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