harvshow B

Hi It's not immediately clear from the linked page you provided. Please could you confirm for the circumstances outlined previously. Thanks

Can you confirm in this situation if my wife and I own two properties with £15000 gross annual income. I own 5% and my wife 95%. Our costs are £5000 in total. Can (i) I claim property allowance as my 5% share of income is only £750, well under the £1000 allowance, with no need to report this income and (ii) my wife claim 95% expenses against her 95% share of income, i.e. pay tax on £9500 net income ?

I have always been a PAYE income tax payer (with no other income) for over 20 years and always thought as tax was collected at source it had been accounted for correctly. I have done a review of my income and can see that tax has been calculated correctly for the majority of years, however 11 years ago I overpaid tax by almost £3000. Is there a way I can reclaim this now with associated interest? Thanks.

Hi BellaBoo If I were to transfer the beneficial ownership in a property (capital and income) to my spouse as a percentage share, e.g. 60%-40% rather than a full 100%. Would this also be classed as a settlement and would I be liable for the tax on 100% of any rental income. Thanks