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Posted Tue, 21 Jun 2022 12:06:53 GMT by Chris66
Hello I am the sole owner of a property (mortgage paid off) that I rent out. I want to transfer all income from the rental to my wife to reduce the tax I pay but keep the property in my name only. I will be getting a deed written up to reflect this. Once the deed is active, should any expenses on the house (estate agents / gas servicing / repairs etc) be declared on my wife's tax return or mine? Any help greatly appreciated. Many thanks Chris
Posted Wed, 22 Jun 2022 07:22:47 GMT by HMRC Admin 17

Hi,
 
Thank you for your question.

From the date the Declartion of Trust is signed, the rental income and expenses incurred from the property effectively belong to your wife.

Therefore, your wife should declare the rental income and expenses incurred from the property on her tax return.

Thank you.
Posted Sun, 07 Aug 2022 13:22:13 GMT by estherchan0723
Hi, I will have a house to rent out soon. I can foresee there will be some expenses on the house routine maintenance. May I know if those expenses can be used to off-set the rental income so that I will pay less tax (rental income tax)? Thanks! Cheers, 
Posted Mon, 08 Aug 2022 12:39:15 GMT by HMRC Admin 17

Hi,
 
Thank you for your question.

You can find information regarding expenses and how to work out your rental profits at ;

Work out your rental income when you let property  .

You can also find information in our Property Income Manual at :

PIM1900 - Deductions: Contents

Thank you.

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