harvshow B

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

Thanks HMRC for the guidance. Just to clarify as I wasn't sure if settlement legislation would apply - as my wife would be the beneficial owner of 60% of the property (capital and income), she should declare the income on her self assessment tax return. I as the legal owner but beneficial owner of 40% would declare 40% of the income on my tax return. Thanks.

Hi In a similar position - I want to gift my wife 60% of a buy-to-let I solely own legally via a declaration of trust as an unconditional gift. In terms of ITTOIA/S626 an S624 would I still be liable on the tax on 100% of the rent or would my wife be liable on the 60% share? Thanks