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Posted Thu, 03 Oct 2024 11:28:25 GMT by JimT
Hi ya, my rental property was owned by me and my wife, I would like to know if all rental income went to my wife's bank account. Do I need to pay tax for it? Or do I need to split the rental income in half and pay for the untaxed income separately?
Posted Thu, 10 Oct 2024 07:42:43 GMT by HMRC Admin 20 Response
Hi,
Form 17 allows married couples and civil partners to declare unequal beneficial interests in jointly owned property and income (e.g., rental income).
If you were to transfer part of your beneficial interest in the property to your wife, you would then be able to submit a Form 17 to declare your new shares, with supporting evidence.
Your individual shares in the beneficial ownership of the property and your individual shares of any rental income arising from the property must be the same.
For detailed guidance about the Form 17 process, including information about time limits, claim requirements and evidence examples, please see-:
 Trusts, Settlements and Estates Manual TSEM9800 - Property held jointly by married couples or civil partners
Thank you.

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