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Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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I bought a student let last year for my daughter at university.

Resolved Question:

I bought a student let last year for my daughter at university. The mortgage is in my name, but I am a higher rate taxpayer and my wife is not. Is there any way that the income from the property can be allocated wholly or partly to my wife?
Submitted: 3 years ago.
Category: Tax
Expert:  TonyTax replied 3 years ago.
Hi.

If the property was in joint names, then the rental income would be split on a 50:50 basis for tax purposes. That is, unless it was actually owned in proportions other than 50:50 and you notify HMRC on form 17. You cannot allocate any of the rento to your wife if she has no share of the ebenficial ownership of the property.

I hope this helps but let me know if you have any further questions.
Customer: replied 3 years ago.

Because my wife would not have got a mortgage the property is in my name though we intended it as joint ownership. It doesn't matter that we are joint landlords on the tenancy agreement? If I can assign the property to her 50% would that help?

Expert:  TonyTax replied 3 years ago.
You need to show that your wife has ownership rights of the property to have half the rent treated as hers for tax purposes. Assigning 50% ownership to her would achieve that.
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15841
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
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