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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15950
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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myself and wife have a second property which we rent out. My

Resolved Question:

myself and wife have a second property which we rent out. My wife is the named landlord and the rent is paid into her named account are there any tax implications in terms of myself?
we have no mortgage and rent out via an agent.
Submitted: 3 years ago.
Category: Tax
Expert:  TonyTax replied 3 years ago.
Hi.

So long as you do not have a beneficial interest in the property, then the income from the letting of the property will be your wife's for tax purposes even if it is paid into a bank account which is in joint names.

If the propety is jointly owned, then the income should be split on a 50:50 basis unless the property is actually owned in proportions other than 50:50 and HMRC are notified on a form 17.

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

could expand by what you mean by beneficial interest

Expert:  TonyTax replied 3 years ago.
I mean ownership rights. If your name is ***** ***** deeds, half the income is yours for tax purposes unless it is owned on other than an 50:50 basis and you tell HMRC as I said in my previous post.
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