Sue Curious
Joined: 10/4/2023
-
Property jointly owned with sibling can I use my spouses income tax allowance for rental income
Hello I have inherited a house jointly with my sibling which we intend to rent out between us. As I am a 40% tax payer and my husband has no income I would like to utilise my husband's income tax allowance. Can I still do this as the house is jointly owned with my sibling - 50% rental income each or do my sibling and I need to register as tenants in common? Or does how I hold the house with my sibling have no bearing on the taxation arrangement between my husband and I? I do not wish to add my husband to the deeds (though understand likely house will be joint marital asset) in order to utilise my husbands income tax allowance do I need to complete a deed of assignment, or declaration of trust and Form 17? Thank you