Property rental income

Transfer of Property Rental Income from Husband to wife

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Husband and wife own a property jointly. Husband wishes for wife to be credited with 100% of Property Rental Income while retaining his 50% of ownership. Can this be achieved?

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By Accountant A
08th Jan 2019 14:34

No, you can't.

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Jennifer Adams
By Jennifer Adams
08th Jan 2019 16:19

This is a question that comes up on a (very) regular basis.

Accountant A is right - you cant retain 50% if property owned jointly. They would have to change underlying ownership
Read this for full info:
https://www.accountingweb.co.uk/tax/personal-tax/property-tax-form-17-ge...

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By Justin Bryant
08th Jan 2019 16:40

You can do that but only if that was the agreed beneficial capital & income split from the outset; otherwise s809AZA ITA 2007 comes into play to prevent that transfer - as has been commented here numerous times before.

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