Property Tax Planning

Property Tax Planning

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Hello,

Seeking some tax advice/planning on husband and wife who jointly own property with the husband  into higher rate tax bracket with his employment. His wife has small benefit income with significant personal allowance unused.

Was thinking along the lines of splitting up the joint ownership with the higher rental income property going to the wife and keeping the lower in husband's name. (all to be agreed with husband and wife beforehand of course if this was to go ahead)

Inter spouse transfers attract the Nil CGT

has anyone advised this tax planning to their clients ?

what are the implications?

will tax man query why the sale of property to wife? / split of joint property? tax avoidance

solicitor's fees etc? is it a lot of hassle ?

Some thought on this would be very welcome

Thanks

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By User deleted
25th Aug 2015 15:35

Common query
If you search the forum, the question of spouses and their share of property income is covered fairly regularly. I'm sure the answer will be there.

You said "His wife has small benefit income ..." so obviously the effect of income on any benefits needs to be considered.

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Replying to djn24:
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By NEWCASTLE28
26th Aug 2015 08:51

ok thanks

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