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TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15977
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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I currently own a property which is solely in my name tittle

Customer Question

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.
Submitted: 2 years ago.
Category: Tax
Expert:  TonyTax replied 2 years ago.
Hi. Was the BTL property every your main home.
Customer: replied 2 years ago.
No the BTL property is on another property not my main home.
Expert:  TonyTax replied 2 years ago.
Thanks. Leave this with me while I draft my answer.
Expert:  TonyTax replied 2 years 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 2 years 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 2 years 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 1 year ago.
Hi.I'm just following up to find out if my answer helped or if you have any further questions.