property income
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Any Answers Answered: Property income special

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20th May 2019
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TAXtv hosts Giles Mooney and Tim Good take on AccountingWEB reader questions on the allocation of property income and the sharing of rental income.

To view the full questions and AccountingWEB reader answers click on the links below:

For the latest episode of TAXtv visit PTP Interactive. TAXtv is a monthly tax update programme available as an annual subscription from £199, (11 issues plus special editions) to view online, download from the internet or watch on DVD.

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By Tim Robinson
21st May 2019 09:04

Tim Good states around 2 minutes into this video that it is not possible to allocate rental income between two spouses where a property is owned by one of them, he said this in the context of a deed of trust transferring beneficial ownership from the sole (legal) owner to that sole owner and his wife.

(Although the Any Answers question concerned the backdating of such a deed of trust, I don't think that Mr Good was thinking of that particular issue when he made this statement)

Sorry to have to ask this but has something changed about a deed of trust or the tax environment which means that they have become ineffective for income tax purposes, or is it the case that they were never tax-effective in the first place?

Thanks

Tim Robinson

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