Barrysh Posted October 21, 2015 Report Share Posted October 21, 2015 If I put the flat I am considering buying in the name of my wife will she be able to use her personal tax allowance against the anticipated rental income of £5k. She has no other source of income appart from her pension. Thanks Link to comment Share on other sites More sharing options...
Richlist Posted October 21, 2015 Report Share Posted October 21, 2015 Yes you could do that. She will own the property and can receive £10600 pa in total before paying income tax.However there is a difference between legal ownership (being the registered owner on the land certificate) and beneficial ownership (being the person entitled to receive income from the land).So, for example, you could have joint legal ownership with beneficial ownership split 99% to your wife & 1% to you. That way needs to be set up via a solicitor and will cost around £200. It's your choice.She will need to complete a self assessment tax form and the land & property supplement pages at the end of the tax year. Don't forget to offset any expenses incurred. Link to comment Share on other sites More sharing options...
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