Can losses be transferred to wife - property?

I want to transfer rental income to wife but not loose any of his carried forward losses

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My client is a higher rate tax payer and as a result of the recent changes he will suffer additional tax on his buy to let property.  Up to now the income has been split jointly with his wife (who pays tax at the basic rate) and although there are now profits, there are still substantial losses being carried forward.  I want to tell him to make a transfer to 'tenants in common' and then submit a form 17 to HMRC.  This will then take care of the future tax implications in regards to his rental income, however, can the losses also be transferred across to the wife?  

Replies (11)

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By Tim Vane
23rd Nov 2017 14:24

No.

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Replying to Tim Vane:
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By Summer
24th Nov 2017 11:26

I think you're probably right but it's worth putting the question out, just in case there's something I've missed. Thanks anyway

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RLI
By lionofludesch
23rd Nov 2017 18:14

No.

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By bajones
24th Nov 2017 09:04

?!

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By Portia Nina Levin
24th Nov 2017 10:26

If you backdated the deed of tryst, then the losses might always have been the wife's?

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Replying to Portia Nina Levin:
Stepurhan
By stepurhan
24th Nov 2017 10:35

Portia Nina Levin wrote:

If you backdated the deed of tryst, then the losses might always have been the wife's?

If she's his wife, it's gone a bit beyond being a tryst.
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Replying to stepurhan:
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By Summer
24th Nov 2017 11:24

If it was backdated then wouldn't it mean that he'd be out of time for filing the Form 17? I thought this was supposed to be filed within 60 days

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By Portia Nina Levin
24th Nov 2017 11:29

Yes, but that just relates tothe income. It needen't stop them always having been her losses, surely?

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Replying to Summer:
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By Mr Trellis of N Wales
24th Nov 2017 13:00

I think that you will find that PCRT is an irony-free document.

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Replying to Portia Nina Levin:
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By Montrose
24th Nov 2017 15:04

If you backdate a Deed of Trust[can't comment about a Deed of Tryst]you commit a criminal offence. You can however execute a current Deed of Trust and recite that a change took place at some time in the past - if and only if that was true.

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Replying to Montrose:
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By Portia Nina Levin
24th Nov 2017 15:12

Were true.

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