rental income

rental income

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have a client who owns a property soley in his own name - predates his marriage

the property is now being let out, but as he is a higher rate tax payer he wants the income in his wife's name

as she has no ownership is this possible?

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By codling
22nd Apr 2016 12:25

No

In short the answer is no unless he gifts the property to her.

If she were to manage the letting of the property she could charge a management fee in line with commercial rates which may help a bit

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By mrme89
22nd Apr 2016 12:29

DOT

A gift by the way of a deed of trust is required to achieve what your client wants.

 

 

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By pauld
22nd Apr 2016 16:36

Deed of trust followed by form 17

.

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By Portia Nina Levin
22nd Apr 2016 16:41

Form 17 is not necessary unless the legal (as opposed to beneficial) interest in the property is in joint names. The suggestion her is that the legal interest will remain in the sole name of the husband, with the wife simply having a beneficial interest.

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