How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask TonyTax Your Own Question

TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15707
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
13905389
Type Your Tax Question Here...
TonyTax is online now

I currently own a property which is solely in my name tittle

Customer Question

Hi
I currently own a property which is solely in my name tittle deeds as well as the mortgage which is a BTL. I'm married and have a family home. My wife currently isn't working as she's looking after our baby. I am a high tax payer and was wondering how or what is required to put the BTL property in my wife's name to make use of her tax allowance. Do I need your change the deeds or just the mortgage in her name or both.
Thanks
Submitted: 8 months ago.
Category: Tax
Expert:  TonyTax replied 8 months ago.
Hi. Was the BTL property every your main home.
Customer: replied 8 months ago.
No the BTL property is on another property not my main home.
Expert:  TonyTax replied 8 months ago.
Thanks. Leave this with me while I draft my answer.
Expert:  TonyTax replied 8 months ago.
I asked whether the property had ever been your main home as by giving it away to your wife, she may not qualify for the main residence reliefs and letting relief that you may have been entitled to if you sold the property whilst it was in your name and it had at some point been your main home.Ownership of the property will need to be transferred to your wife so the title deeds will need to be amended. As far as the mortgage is concerned, this may be a problem as your wife appears to have no income. Whether they will allow you to act as guarantor depends on the lender's criteria. You need to consult them before you do anything else. I hope this helps but let me know if you have any further questions.
Customer: replied 8 months ago.
Thanks. I understand that if I transfer the deeds or mortgage to my wife's names that would possibly be a new purchase application which I want to avoid as you stated she doesn't have an income at the moment. What other possible options do I have to reduce the tax on my rental property. Would having a joint btl help in anyway. So adding her to my mortgage.Thanks
Expert:  TonyTax replied 8 months ago.
There really aren't many options. If the property is in joint names, the rental income will be split on a 50:50 basis unless the property is actually owned in proportions other than equal and a form 17 is submitted to HMRC.
Expert:  TonyTax replied 8 months ago.
Hi.I'm just following up to find out if my answer helped or if you have any further questions.

What Customers are Saying:

 
 
 
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
< Previous | Next >
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin
  • Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. Esther
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex
 
 
 

Meet The Experts:

 
 
 
  • Sam

    Sam

    Accountant

    Satisfied Customers:

    6894
    26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
< Last | Next >
  • http://ww2.justanswer.com/uploads/TA/Tax Expert/2013-8-21_231010_sam.64x64.jpg Sam's Avatar

    Sam

    Accountant

    Satisfied Customers:

    6894
    26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
  • http://ww2.justanswer.com/uploads/BI/bigduckontax/2013-8-12_222058_1.64x64.jpg bigduckontax's Avatar

    bigduckontax

    Accountant

    Satisfied Customers:

    1772
    FCCA FCMA CGMA ACIS
  • http://ww2.justanswer.com/uploads/TA/TaxRobin/2013-8-28_16186_femalebusinessprofessionalbinderhand11038485.64x64.jpg TaxRobin's Avatar

    TaxRobin

    Tax Consultant

    Satisfied Customers:

    464
    International tax
  • /img/opt/shirt.png taxadvisor.uk's Avatar

    taxadvisor.uk

    Chartered Certified Accountant

    Satisfied Customers:

    2596
    FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
  • http://ww2.justanswer.com/uploads/MS/MsAM/2012-6-9_16426_anna.64x64.jpeg Anna's Avatar

    Anna

    Teacher, writer, biologist

    Satisfied Customers:

    268
    Great research skills, variety of work experiences, teaching experience.
  • http://ww2.justanswer.com/uploads/PD/pdheslin/2012-6-6_232056_pambig.64x64.jpg pdheslin's Avatar

    pdheslin

    Consultant

    Satisfied Customers:

    51
    20+ years of internet site creation and search engine optimization. Dozens of search tools at my disposal.
 
 
 

Related Tax Questions