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Posted Wed, 20 Dec 2023 16:06:34 GMT by
I currently own a buy to let property in the UK. I am the sole owner of this property. The property does not have a mortgage. Can I assign part of the rent to my wife ? Can I do that automatically, or is there a formal process that I have to follow ? In the event I assign part of the income to my wife, do I also assign the pro-rated costs associated to the property (i.e. Agency Fees, Maintenance, Service charges, etc..) to my wife or do the costs remain on my account and only the income on her account. Thank You
Posted Thu, 04 Jan 2024 08:56:43 GMT by HMRC Admin 20 Response
Hi HFH Hashim,
You and your husband should send a valid declaration of trust or deed of trust to HMRC.
This should be signed by both parties showing the split of beneficial ownership.
I have attached a link for you to read. TSEM9170 - Ownership and income tax: legal background: ownership income follows property - variation  
Thank you.

 

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