Rental Income Tax

I had just purchased my first buy-to-let property in Scotland with a joint name with my wife. Currently, we still staying in the rental property and only me are working and paying taxes. My wife is not working. Understood the rental income tax will be shared 50:50 between myself and my wife and if need to spilt Form 17 to be completed. My intention is to give 100% rental income to my wife. Kindly confirm this can be done by completing Form 17 only? After that, do I need to submit Self Assessment to declare this rental income? My wife needs to declare or me or both need to declare after the transfer of rental income (100%) to my wife? Further, does my wife need to pay tax for this rental income as she is not working? Rental income will be about £6000 annually. Thanks.

Hi
Thank you for your question.
As your property is shared 50/50 you will need to submit a form 17 with a valid declaration of trust.
You will both need to declare  the property income separately on your own self assessment tax return.
If your wifes total income is under the UK personal allowance of £12570 then the income will not chargeable to tax.
​​​​​​​ Property held jointly by married couples or civil partners

Hi I am high tax payer already. My wife is not working. We bought second property and living there via mortgage. Our first house is owned by me but it has 50% buy to let mortgage, which I am paying. Now my first question is, though my first property is owned by me but still under buy to let mortgage , can I put my wife name on it as shared ownership? If yes to first question, then I need to fill form 17 for. HRMC to give all rental income to my wife? If no to first question, how I can save tax on my first home rental income by transferring rental income to my wife ? Many thanks Kind regards

Hi,
As it is in your name you would need to submit a declaration of trust to show that half has been transferred to then allow any split in rental income to be applied. The full rental income will need to be declared by you until you receive an acknowledgment from HMRC.
Thank you.