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  • RE: Rental income transfer to my wife

    I am in a similar position to the person who posted the original question in this thread. That is to say "I am the sole owner of a buy to let property with ongoing mortgage that I am about to start letting out. I bought the property before I met my wife so she is not on the mortgage or Title Deed. I work and pay income tax from my regular salary. My wife is not working at present. I have been advised by a Conveyancer that I can instruct them to draw up a Deed of Assignment transferring Beneficial Interest to my wife up to 100%. What I'd like to know for the purposes of completing a Self Assessment in this scenario is 1) Should all allowable expenses be at least jointly in her name in order for them to be claimed (e.g. mortgage interest relief, letting agent fees, service charges, maintenance costs etc ) in relation to her Beneficial Interest? 2) Can she only claim expenses proportional to her Beneficial Interest e.g. if she has been assigned 90% beneficial interest of the property can she only claim 90% of of the mortgage interest tax relief , or only 90% of letting agent fees as an expense ? 3) Can work carried out in doing up the property prior to actually letting out be included as an allowable expense? Thanking you in advance for your assistance