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I have rental income, can I assign the income by deed to my

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I have rental income, can I assign the income by deed to my wife so that she declares the income on her tax return
Submitted: 2 years ago.
Category: Tax
Expert:  TaxRobin replied 2 years ago.
Hello and thank you for allowing me to assist you.
A Declaration of Trust is a simple form of trust, which basically states that although the legal title is owned by one party, the beneficial interests (i.e. the right to receive income) is held by the party wishing to declare it on their tax return.
You would want to make certain that you speak with your solicitor prior to changing any deed that transfers ownership to your spouse in full.
Customer: replied 2 years ago.

therefore it is accepted by the revenue and would fall as part of my wife"s income, is this correct

Expert:  TaxRobin replied 2 years ago.
Hello,
Yes your wife would then report the rental as her rental income.
TaxRobin, Tax Consultant
Category: Tax
Satisfied Customers: 14496
Experience: International tax
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