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  • expenses on the house rental

    Hello I am the sole owner of a property (mortgage paid off) that I rent out. I want to transfer all income from the rental to my wife to reduce the tax I pay but keep the property in my name only. I will be getting a deed written up to reflect this. Once the deed is active, should any expenses on the house (estate agents / gas servicing / repairs etc) be declared on my wife's tax return or mine? Any help greatly appreciated. Many thanks Chris
  • RE: Sole owner of property wants to pass rental income to wife

    Hello Admin 19 and thank you for your reply. Just to clarify does this mean a Deed of Assignment (rather than a Deed of Trust) will not be suitable (I was advised by a solicitor that a Deed of Assignment would suffice) Also does the HMRC need a copy of the finalised deed? Thanks in advance Chris
  • Sole owner of property wants to pass rental income to wife

    Hello I am the sole owner of a property (mortgage paid off) that I rent out. I want to transfer all income from the rental to my wife to reduce the tax I pay but keep the property in my name only. Because I already own the property, solely in my name, I have been advised a "Deed of Assignment" (rather than a Deed of Trust) will suffice - Is this true? What do I need to do when I have received the completed deed of assignment from the solicitor? Does the HMRC or any other government department need a copy? Should any expenses on the house (estate agents / gas servicing / repairs etc) be declared on my wife's tax return or mine? What happens when or if the house is sold? I know I may have to still pay CGT but does the deed need cancelling? Any help greatly appreciated. Many thanks Chris