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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15979
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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I bought a student let last year for my daughter at university.

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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?
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 4 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?

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.
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