I do not know if you can help with this?
A spouse owning property to let wishes to utilise the lower tax band of the other spouse.
Is there a simple way of doing this without -giving away- the property to the other so without too much paperwork?
I wonder if it is enough that one simply advises the taxman that 99% (or whatever percentage) of the rental benefit goes to the lower earning spouse? Or must the lower earner actually have to legally own this same proportion of the property (i.e. change the deeds and mortgage)?
Maybe this is limited to 75% as the mortgage covers 25%.
Thanks in advance for what could be a silly question
A spouse owning property to let wishes to utilise the lower tax band of the other spouse.
Is there a simple way of doing this without -giving away- the property to the other so without too much paperwork?
I wonder if it is enough that one simply advises the taxman that 99% (or whatever percentage) of the rental benefit goes to the lower earning spouse? Or must the lower earner actually have to legally own this same proportion of the property (i.e. change the deeds and mortgage)?
Maybe this is limited to 75% as the mortgage covers 25%.
Thanks in advance for what could be a silly question
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