OK. So it is all about the ownership. We do jointly own, so you are saying it doesn't matter who's account the funds goes into (mine or my wife's)? So we would both have to declare the 50% of rental income each on our annual returns? Does that also apply to costs (we would both apply 50% of mortgage costs, repairs, etc)?
Any quick means of transferring ownership of property fully to my wife to reduce the tax obligation? Even though the mortgage is paid out of my account and is joint, would that create complications?
In the notes you sent on transfer of ownership, I could 'give the property away'. Could I do that by giving it to my wife, and not informing the mortgage company? Is the gift taxable?
This is our prime residence - when we move out I was proposing gifting to my wife as single owner whilst we rent it out, but the process sounds complicated. Can you remind me of main residence relief and letting relief?...
Yes - 12 years ago. Always in both names.