Btl property with spouse's name in deeds

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Btl property with spouse's name in deeds

    I am in process of buying a btl property on mortgage in my name. I also work full time and would be paying higher band tax on rental income. My partner works part time online. Is it possible to register the property in her name and hence utilising tax allowance which goes partially unused every year. There are no trust issues so don't mind having it in her Sole name but would mortgage company agree or are there any other ways we can utilize the allowance to max?

    Thanks

    #2
    Originally posted by londonrulz View Post
    There are no trust issues
    Thanks
    NEVER have a named regisitered to a property where that property does not belong to them.

    Millions say there are no trust issues, but millions of partners split every year.

    Comment


      #3
      It is highly unlikely that any lender would grant a mortgage without the inclusion of your partners name along with yours on the application.Whilst I am not an expert in tax matters , I do believe that the rental could be apportioned to your partner in order to take advantage of her Personal Allowance , I would suggest you speak with an accountant.

      Comment


        #4
        Tax follows beneficial ownership not title, so if you really own it you should pay the tax on it regardless of who's names on the deeds or the mortgage.

        You can ask your partner to manage the property and pay them a proper fee (which would need to be properly documented as you're not an MP).
        You could both run the property business and split the income.
        You can run it as a partnership and adjust the proportions of ownership and income much more flexibly.
        Speak to an accountant.
        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).

        Comment


          #5
          Some sound advice given. I can go ahead with buying(and mortgage) and check with an accountant the most efficient way to save tax.

          thanks

          Comment

          Latest Activity

          Collapse

          • Reply to Let Property Campaign.
            by theartfullodger
            See..
            https://www.landlordzone.co.uk/news/...erty-campaign/

            Well done HMRC..

            None of my business, and obviously not in anyway a criticism of anybody, but If I had had a friend who I found out had been fiddling tax for 16 years they'd no longer be my friend.
            ...
            18-09-2021, 11:46 AM
          • Let Property Campaign.
            by armour
            Hi all,

            A friend of mine has been renting out a flat since 2004 and has not declared any of the income to HMRC in all that time.

            She wants to come clean and pay the accumulated income tax she owes by making a non-prompted disclosure using the Let Property Campaign system....
            13-09-2021, 13:45 PM
          • Reply to Let Property Campaign.
            by armour
            Fair enough. Thanks for your advice. It is on cash basis.

            I guess it would only save her 50 odd quid anyway, maybe less than £80 once the fine and interest is added. I guess she'll have to swallow that.
            Once again, thanks JP and Gordon for your help.
            Chris
            18-09-2021, 09:07 AM
          • Overseas Landlords
            by Santa Fe
            I'm from UK but live overseas and recently discovered that I should be registered as an overseas landlord. I've done a bit of research on what it involves and it seems a bit of a headache - tenants have to fill out forms and pay tax from their rent direct to HMRC. If anyone here is registered as an...
            16-09-2021, 16:44 PM
          • Reply to Overseas Landlords
            by Santa Fe
            Boletus, thank you.
            17-09-2021, 18:37 PM
          • Reply to Let Property Campaign.
            by jpkeates
            armour - Sorry, I don't know.
            It might depend on whether you're accounting on the cash basis (in which case I suspect not) or the accrual basis (when it's possible).

            But it's not something I ever got involved with when the W&T allowance existed, and all of the practical guidance...
            17-09-2021, 11:43 AM
          • Reply to Let Property Campaign.
            by armour
            Thanks JP, that's clear. I'll put the bathroom in with the income tax then. I guess it's much of a muchness anyway as the associated reduction in interest and fine will probably equal out.

            I have one last question, if you'd be so kind.

            During the year she had to make the eviction,...
            17-09-2021, 09:18 AM
          • Reply to Overseas Landlords
            by boletus
            You fill out this form requesting to have rental income without deduction of tax and pay it yourself;

            https://www.gov.uk/government/public...dividuals-nrl1
            16-09-2021, 17:26 PM
          • Reply to Let Property Campaign.
            by jpkeates
            The 10% was for furnishings, so built in stuff should be ok to claim.
            The bathroom refurb depends on what was done if it was simply a replacement, it's maintenance, if it was a significant upgrade, it's likely to be part capital/part maintenance.
            If it's a new bathroom, it's probably ca...
            16-09-2021, 08:37 AM
          • Reply to Let Property Campaign.
            by armour
            Seems pretty clear there JP. I'll go ahead and alter my calculations

            One more thing, My friend had a bathroom refurb and a built in oven and hob replaced during the period when the flat was let furnished. I'm pretty sure that these costs can be detucted in addition to the 10% W&T, but...
            15-09-2021, 14:06 PM
          Working...
          X