First time landlord - simple question re: tax liability

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    First time landlord - simple question re: tax liability

    Hi,

    I earn £36k per annum. My wife works part-time and earns ca. £12k per annum. We are about to rent our home out. Would it be more tax efficient for her to be the landlord rather than me, or jointly? Expected rent is around £520/month.

    Thanks,

    Charles.

    #2
    Who owns the house. If it is jointly owned then HMRC treat this as 50/50 and that is how you have to decalre the rental income and expenses. Howeve this can be changed with a Declaration of Trust in favour of your wife say 99 to 1 and a form 17 to HMRC. Regards Peter

    Comment


      #3
      Currently 50/50. How long does it take to make the change you mention. We have about 4 weeks to play with. Thanks for your help.

      Comment


        #4
        Solicitor will take an hour to draft, ten minutes to sign.

        Comment

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